Future Interest Legal Meaning and Definition

Here is a simplified definition of the legal term Future Interest.

Future Interest (noun): Future Interest refers to a person's legal right to take ownership of an asset (like real estate, a trust, or a benefit) in the future. This generally happens when either a specified time period has passed or certain predetermined conditions are met. Examples of Future Interest include things like getting ownership of a property after the current owner dies, or gaining control over a trust upon reaching the age of majority.