Estates are said to be "in possession," where the parties enjoy its benefits unincumbered of future contingencies, or in what is called "in expectancy," where contingencies must be considered.

Expectancies are of two sorts -- one created by the parties to the estate, which is called a "a remainder," and one by act of law, called "a reversion."

As the term applies to divorce actions, expectancies are considered in the distribution of marital property.