A. Estates in lands, as respects the extent of the interest of the holder, are divided into:
1. Estates of inheritance. An estate of inheritance shall be termed a fee simple or fee, and when not defeasible or conditional shall be a fee simple absolute.
2. Estates for life.
3. Estates for years.
4. Estates at will.
5. Estates by sufferance.
B. No lands of this state shall be held as an estate in fee tail.