Division of Ownership Flashcards
Estates
Present Interest
right to possess property now
Future Interest
right to take possession in the future; may be conditioned on certain circumstances
For example - O to A for life(present), then to B(future).
Will terms: Intestate
Person dies without a will
Testate
Dies with a will
Estate
“Estates” are those interests in land that give the owner a right to POSSESS the land.
Heirs
People entitled by law to inherit property if owner dies without a will. (defined at death - not later)
Devisees
People entitled to real property under a will.
Note: heirs and devisees could be the same people
Testator / testatrix
a person leaving a valid will.
Escheat
If person dies intestate without heirs, property will escheat to the state.
Fee Simple
A present estate that could potentially last forever.
Four types of Fee Simple
(1) Absolute;
(2) Determinable;
(3) Subject to Condition Subsequent; and
(4) Subject to Executory Limitation
Life estate
Estate for a duration of one’s lifetime.
*Note: Measuring life does NOT have to be the life of owner of life estate., e.g., O to A for the life of B.
Fee simple Absolute
fee simple with no future interest.
Ex. O to A (and future heirs)
Reversion
A future interest retained by a GRANTOR of a life estate and other “less-than-fee-simple” estates.
Fee simple determinable
˗ fee simple with a future interest that reverts automatically to the grantor on the happening of a stated event.
˗ future interest is possibility of reverter
˗ words of duration
- most harsh
Ex., as long as, during, while, until.