Definition of Future Interests
Interests in real or personal property, a gift or trust, or other things in which the privilege of possession or of enjoyment is in the future and not present. Commissioner of Internal Revenue v. Wells, C.C.A.6, 132 F.2d 405, 407. An interest that will come into being at some future point in time. It is distinguished from a present interest which is already in existence. Assume, for example, that D transfers securities to a newly created trust. Under the terms of the trust instrument, income from the securities is to be paid each year to W for her life, with the securities passing to S upon W’s death. W has a present interest in the trust since she is currently entitled to receive the income from the securities. S has a future interest since he must wait for W’s death to benefit from the trust.
That's the definition of Future Interests in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.