Definition
A future interest is a property interest that gives the holder rights to property, but those rights don't become currently possessory. Future interests can be valuable and are protected from damage by those with current possession.
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Future interests are property rights that someone holds now but will only exercise in the future. Someone with a remainder interest owns property, but only after someone else's life estate ends. Someone with a reversionary interest owns property, but only after a condition occurs. Future interests are real property rights that can be valuable, mortgaged, taxed, and inherited. The key characteristic is that current possession and control remain with someone else. Future interests can be vested or contingent, certain or uncertain. Future interests matter in estate planning because many wills and trusts create them. They matter in property tax because future interests have value that might trigger tax. They matter in creditor situations because future interests are property that creditors might reach. Courts protect future interest holders from damage to the property by those with current possession. Future interests that are too remote might be invalid under the rule against perpetuities (in states that apply it), though most states have eliminated or relaxed this rule.
Pro Tip
If you have a future interest, document it carefully. Consider naming a backup remainderman.
Example
A life estate creates future interests: if property is given to someone for life with remainder to another, both the life estate holder and the remainderman have current interests, but the remainderman's interest is 'future' because they don't currently control the property.