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.