Where property acquired for public use is subject to a life tenancy, upon petition of the life tenant or any other person having an interest in the property, the court may order any of the following:
(a) An apportionment and distribution of the award based on the value of the interest of life tenant and remainderman.
(b) The compensation to be used to purchase comparable property to be held subject to the life tenancy.
(c) The compensation to be held in trust and invested and the income (and, to the extent the instrument that created the life tenancy permits, principal) to be distributed to the life tenant for the remainder of the tenancy.
(d) Such other arrangement as will be equitable under the circumstances.