Expectancy

A present, vested, contingent right to the future enjoyment of land. A future estate; an estate in expectancy, or, simply, an expectant estate or interest.

Expectant.

Contingent as to enjoyment; also, the person entitled thereto. An expectancy is always an estate in remainder, or a reversion. The idea is that the time of enjoyment is postponed — depends upon some subsequent circumstance or contingency. It is an executory estate, as opposed to an estate in actual, present possession — an estate executed, i In New York, any present right or interest which by possibility may vest in possession at a future day.' See Bargain, Catching.