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Simple English definitions for legal terms
estate in expectancy
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A quick definition of estate in expectancy:
An estate in expectancy, also known as a future interest, is a type of property ownership where the right to use or enjoy the property is not immediate, but will happen in the future. This can be either for the person who currently owns the property (such as a reversion) or for someone who will own it in the future (such as a remainder or executory interest). Future interests are often found in stocks and debt securities, and can be sold by a trustee. It's important to note that even though the right to use or enjoy the property is not immediate, the future interest is still considered a part of the total ownership of the property.
A more thorough explanation:
An estate in expectancy, also known as a future interest, is a property interest where the right to possess or enjoy the property is not present but will occur in the future. This type of interest can exist in either the grantor or the grantee.
For example, if a person grants their property to their child for their lifetime, with the property then passing to their grandchild after the child's death, 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.
Another example is if a person grants their property to a charity for a certain number of years, with the property then passing to their child after that time. The child has a future interest in the property, as they do not have the right to possess or enjoy the property until the charity's term ends.
Overall, an estate in expectancy is a property interest that will only be realized in the future, and not in the present.