What is an executory interest?

There will always be at least 2 parties in a conveyance. Otherwise, there would be no conveyance. The first party is always the grantor, and the second party is always the grantee. The grantor conveys something to the grantee. Let's take a look at an example:

Oz conveys Blackacre "to Amy for life."

Oz is the first party. Amy is the second party. Oz has a reversion. Amy has a life estate.

In some conveyances, there is a third party (and sometimes even a fourth or more). Let's look at an example:

Oz conveys Blackacre "to Amy for life, then to Bob."

Oz is the first party. Amy is the second party. Bob is the third party. Amy has a life estate. Bob has a remainder. More importantly, Bob's remainder follows the natural termination of Amy's interest. In other words, Bob doesn't get his remainder until Amy's interest terminates, and Amy's interest terminates only when she dies.

So how do we make Bob's interest an executory interest? To be an executory interest, it must not follow a natural termination of a preceding estate. You've likely run into some examples in other cards, but let's look at another:

Oz conveys Blackacre "to Amy, but if anyone ever consumes marijuana on the premises, then to Bob and his heirs."

Amy has a fee simple subject to condition subsequent. Bob has an executory interest (specifically, a "shifting executory interest," but we'll cover that in another card. Note that Bob isn't guaranteed to ever have an interest in Blackacre. Something must happen that cuts Amy's interest short, which means it does not naturally terminate.