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How many types of estates are they


How many types of estates are they

In Real Estate:

  1. Freehold Estates:

    • Fee Simple Absolute: The most complete ownership interest with no limitations on inheritance.
    • Fee Simple Defeasible: Ownership can be lost if certain conditions are not met.
    • Life Estate: Ownership for the duration of someone's life.
  2. Leasehold Estates:

    • Estate for Years: Lease for a specific period.
    • Estate from Period to Period (Periodic Tenancy): Lease that automatically renews.
    • Estate at Will: Lease that either party can terminate at any time.
    • Estate at Sufferance: When a tenant remains after the lease has expired.

In Probate and Estate Planning:

  1. Probate Estate: All assets must go through probate court before being distributed.
  2. Non-Probate Estate: Assets that bypass probate, such as those held in trusts or with designated beneficiaries.
  3. Testate Estate: When someone dies with a valid will.
  4. Intestate Estate: When someone dies without a will.

In Trusts and Personal Property:

  1. Living Trusts (Inter Vivos Trusts): Established during a person's lifetime.
  2. Testamentary Trusts: Established through a will and effective after death.
  3. Revocable Trusts: Can be altered or revoked by the grantor.
  4. Irrevocable Trusts: Cannot be changed once established.

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