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Estates. Having a relation to or dependence upon something future. An estate with a reversion, a remainder, or an executory interest. Estates are of two sorts, either in possession, sometimes called estates executed; or in expectancy, which are executory. Expectancies are, first, created by the parties, called a remainder; or by act of law, called a reversion. A bargain in relation to an expectancy is, in general, considered invalid.
The term expectancy describes the interest of a person who merely foresees that he might receive a future beneficence, such as the interest of an heir apparent (Civ. Code, § 700; see Estate of Perkins (1943) 21 Cal.2d 561, 569 [134 P.2d 231]), or of a beneficiary designated by a living insured who has a right to change the beneficiary (see Morrison v. The Mutual L. Ins. of N. Y. (1940) 15 Cal.2d 579, 583 [103 P.2d 963]; Mayfield v. Fidelity & Casualty Co. (1936) 16 Cal.App.2d 611, 619 [61 P.2d 83]). As these examples demonstrate, the defining characteristic of an expectancy is that its holder has no enforceable right to his beneficence.
The cases discussing the interest of an insurance beneficiary clarify ...
