Who holds the future interest when a conveyance uses a shifting executory limitation?

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Shifting executory limitation means the future interest shifts from the grantor to a third party when a condition occurs. The grantor conveys to someone now, but automatically divests that holder and goes to a named third party upon the event. So the present owner has a present estate, and the future interest is held by the person named to receive upon the event—the third party who is set to take. The transferor no longer has a future interest under this structure, and the original owner's heirs don’t automatically hold it unless the deed creates a reversion or remainder to them separately. In short, the future interest is held by the third party named to receive upon the event.