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Real Estate Law
At common law, an estate is the totality of the
legal rights, interests, entitlements and obligations attaching
to property. In the context of wills and probate, it refers to
the totality of the property which the deceased owned or in
which some interest was held.
Equitable estate and legal estate
Legal Interests run with the property while equitable interests
are good against those persons who are in good conscience bound
to respect them. Legal interests being rights in rem are good
against all the world. Thus a Trustee is a Legal owner of
Property which vests in him, while the beneficiary under the
trust has only an equitable estate in the property.
Estate in land
An estate in land may be any carved out portion of
the allodial or fee simple, which is the most complete ownership
that one can have of property in the common law system. An
estate can be an estate for years, an estate at will, a life
estate (extinguishing at the death of the holder), an estate pur
auter vie (a life interest for the life of another person) or a
fee tail estate (to the heirs of one's body) or some more
limited kind of heir (e.g. to heirs male of one's body).
Fee simple estates may be either fee simple absolute or
defeasible (i.e. subject to future conditions) like fee simple
determinable and fee simple subject to condition subsequent;
this is the complex system of future interests (q.v.) which
allows concepts of trusts and estates to elide into actuarial
science through the use of life contingencies.
Estate in land can also be divided into estates of inheritance
and other estates that are not of inheritance. The fee simple
estate and the fee tail estate are estates of inheritance; they
pass to the owner's heirs by operation of law, either without
restrictions (in the case of fee simple), or with restrictions
(in the case of fee tail). The estate for years and the life
estate are estates not of inheritance; the owner owns nothing
after the term of years has passed, and cannot pass on anything
to his or her heirs.
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