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Simple English definitions for legal terms
future estate
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A quick definition of future estate:
A future estate is a type of property interest where the right to possess or enjoy the property is not immediate, but will happen in the future. This can be either for the person who granted the property (like a reversion) or for the person who received it (like a remainder or executory interest). It is often used for stocks and debt securities, and can be sold by a trustee. It is also called a future interest, expectant estate, estate in expectancy, or nonpossessory estate.
A more thorough explanation:
A future estate is a type of property interest where the right to possess or enjoy the property is not present but will happen in the future. This is also known as a future interest. It can be held by either the person who granted the property (grantor) or the person who received it (grantee).
For example, if a person grants their property to their child for their lifetime, and then to their grandchild, the grandchild has a future interest in the property. They do not have the right to possess or enjoy the property until their parent dies.
Today, most future interests are in stocks and debt securities, where a trustee has the power to sell them.
It is important to note that a future interest is an existing interest from the time it is created. It is considered part of the total ownership of the property, but the possession or enjoyment of the property will happen in the future.