Estates

An estate, in property law, refers to an interest in land or other property that includes the right to possess, use, or dispose of the property. Estates may be present or future and can be held alone or with others. They are distinguished from non-possessory interests such as easements or licenses.

The broad division is between freehold estates and leasehold estates. Freehold estates are possessory interests of potentially indefinite duration. They include fee simple estates (the most complete ownership) and defeasible fees, which can be forfeited on certain conditions. A life estate grants possession for the life of a person, with the property passing to a remainder beneficiary or reverting to the grantor after death. Fee tail, largely obsolete in modern practice, restricted inheritance to a lineal heir. Leasehold estates confer possession for a defined term or period, such as a tenancy for years, periodic tenancy, or tenancy at will.

Within freehold and leasehold categories, interests can be present or future. Present interests include current possessory rights, while future interests (reversion, remainder, or executory interests) will vest in the future upon the occurrence of specified events.

Estates can also be held concurrently. Common forms of concurrent ownership include joint tenancy (with right of survivorship), tenancy in common, and, in some jurisdictions, tenancy by the entirety.

Transfers and termination of estates occur by conveyance, inheritance, or surrender. Understanding estates is central to property planning, taxation, and real-world ownership and succession.