A more thorough explanation:

A possessory estate, also known as a present possessory estate, is a type of real property ownership where the holder has the current right to possess the property. This is different from a future interest, which is a right to possess the property in the future. Present estates can be divided into Non-Freehold Estates, where the tenant does not hold ownership, and Freehold Estates, where the tenant holds ownership. There are three types of Freehold Estates: Life Estate, Fee Tail Estate, and Fee Simple Estates.

A life estate grants the holder the right to use the property for the duration of their life. At the end of their life, the property will transfer to another person. For example, if a property is granted to A for life, then to B, A will have the property until they die, and then the property will transfer to B.

A Fee Tail Estate is an old system designed to establish family dynasties where the property must be passed down to blood heirs. This system has been abolished in most jurisdictions.

Fee Simple Estates are the most common type of Freehold Estate and grant complete ownership of the property. There are two types of Fee Simple Estates: Absolute and Defeasible.

An absolute fee simple estate is one where the owner has complete control over the property and cannot be revoked by others. However, the property may still be subject to non-property issues like taxes or seizure for unpaid judgments.

A defeasible fee simple is a type of Fee Simple Estate that can be removed for a reason established in the granting document. There are three types of Defeasible Fee Simple Estates:

• Fee Simple Determinable: The estate will be automatically terminated if the stated condition occurs. For example, if a property is granted to A for as long as it is used as a museum, A will hold the property until it is no longer used as a museum, and then the property will transfer back to the grantor.
• Fee Simple Subject to Condition Subsequent: The estate is similar to a fee simple, but has a condition attached. If the triggering event occurs, the holder must take steps to establish possession of the property. For example, if a property is granted to A, but if A does not use the property for a museum, then the grantor has the right to take back the property.
• Fee Simple Subject to an Executory Limitation: A fee simple with a stated event, which if it happens, is automatically divested by an executory interest in a transferee. For example, if a property is granted to A so long as it is used for a museum, but if used for anything else, it will transfer to B.

These examples illustrate how different types of Freehold Estates work and how they can be transferred to other people based on certain conditions.