Which type of leasehold estate has a definite duration and is inheritable?

The type of leasehold estate that has a definite duration and is inheritable is known as the estate for years. This lease agreement specifies an exact beginning and an ending date, providing a clear timeframe for the lease.

An estate for years can be transferred to heirs or assigned to another party, making it inheritable. This characteristic is distinct because it allows the rights provided in the lease to continue beyond the original tenant's lifetime, which is not the case with other forms of leasehold estates like periodic estates or tenancies at will, where the arrangement may end upon the death of the tenant or have less defined terms.

The estate for years also provides stability and predictability, as both the landlord and tenant know that the lease will terminate on a specific date unless renewed or renegotiated. This clarity makes it advantageous for both parties in a leasing situation.