Which type of estate may come with specified conditions or limitations?

A life estate is a type of estate in real property that comes with specified conditions or limitations, specifically tied to the life of an individual. This means that the individual granted the life estate has the right to use and enjoy the property for the duration of their lifetime, after which the property will pass to another party, known as the remainderman.

The key aspect of a life estate is its contingent nature—it is inherently limited by the lifespan of the individual. This condition clearly differentiates it from other forms of property ownership, such as fee simple, which offers complete ownership without any limitations beyond those imposed by law, leasehold estates that typically have a defined term but do not specify conditions related to the tenant's life, or future estates, which are interests in property that are set to begin in the future but do not themselves carry conditions related to a specific person's lifespan.

Thus, a life estate directly embodies the concept of conditions or limitations related to an individual's lifetime, making it the correct answer in this context.