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Estate - Freehold Estates, Nonfreehold Estates, Concurrent Estates, Future Interests - Incorporeal Interests

property real decedent land

The degree, quantity, nature, and extent of interest that a person has in real and PERSONAL PROPERTY. Such terms as estate in land, tenement, and hereditaments may also be used to describe an individual's interest in property.

When used in connection with probate proceedings, the term encompasses the total property that is owned by a decedent prior to the distribution of that property in accordance with the terms of a will, or when there is no will, by the laws of inheritance in the state of domicile of the decedent. It means, ordinarily, the whole of the property owned by anyone, the realty as well as the personalty.

In its broadest sense, the social, civic, or political condition or standing of a person; or, a class of persons grouped for social, civic, or political purposes.

There are several types of estates that govern interests in real property. They are freehold estates, nonfreehold estates, concurrent estates, specialty estates, future interests, and incorporeal interests.

Incorporeal Interests

Incorporeal interests in real property are those that cannot be possessed physically, since they consist of rights of a particular user, or the right to enforce an agreement concerning use. The five major types of incorporeal interests are easements; profits; covenants running with the land; equitable servitudes; and licenses.

FURTHER READINGS

Abts, Henry W. 2002. The Living Trust: The Failproof Way to Pass Along Your Estate to Your Heirs. 3d ed. New York: McGraw-Hill.

Applegate, E. Timothy. 2003. "Estate Planning: Who Owns the Family Plot?" California Lawyer 23 (October).

CROSS-REFERENCES

Equity; Servitude.

Estate and Gift Taxes - Gifts, Testamentary Transfers, Deductions, Computation Of Tax, Further Readings [next]

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