Estates

Question 1

What is a Fee Simple estate?

Answer 1

Endures so long as the original tenant or any of his heirs survived.

Question 2

What is a Fee Tail estate?

Answer 2

Endures so long as the original tenant or any of his lineal descendants survived (ie son could inherit, brother could not).

Question 3

What is a Life estate?

Answer 3

Estate lasts for the life of the owner, then reverts to prior owner.

Question 4

What is a Life Estate Per Autre Vie?

Answer 4

Estate lasts for the life of someone other than the owner, then reverts to the prior owner.

Question 5

What does it mean for a future interest to be “vested”?

Answer 5

Vested means you can point to a specific person (ie “Bob”) as opposed to unvested (ie “Bob’s heirs”).

Question 6

What is a defeasible life estate?

Answer 6

A life estate that can be ended prematurely due to a condition (ie “Steve to Bob for Life, so long is it is used as a Farm.”)