Explanations

• A Fee Simple estate is recognized as the highest form of estate ownership in real estate, offering an unlimited duration of ownership and the ability to convey the property to one’s heirs. It is explicitly referred to as an “Estate of Inheritance” or “Perpetual Estate”. This type of estate allows the owner to freely transfer the property before or after death through a will.
• An estate for years is a type of lease agreement for a fixed period of time, which can be shorter or longer than one year, and has a definite end date. This is not an estate of indefinite duration.
• A less than freehold estate is generally defined as a lease held by a tenant. These interests are more limited in usage rights and are typically of a shorter duration than freehold estates. An estate for years is a type of less-than-freehold estate.
• A life estate is an interest in a property that lasts for the lifetime of a designated individual. While it is a type of freehold estate, its duration is tied to a human life and is not perpetual in the same way a fee simple estate is.

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