What are the four different duration types associated with estates?

The first option accurately identifies the four different duration types of estates. To clarify, estates at will refer to leases that can be terminated at any time by either party, making them flexible in duration. Estates for life are designed to last for the lifetime of a specified individual, thereby providing a defined temporal limit based on that person's lifespan. Estates for years signify ownership or tenancy for a designated period with a specified start and end date, contributing to a clearly defined timeframe that does not depend on the life of the tenant or owner. Lastly, estates of inheritance, commonly known as fee simple estates, can potentially last indefinitely and may be passed on to heirs, solidifying their nature as long-term ownership types.

This understanding is crucial for real estate professionals, as they must navigate the different types of estates when dealing with property transactions and tenant agreements.