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Estates Flashcards

1
Q

testator

A

a person who leaves a will

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2
Q

vest

A

Having become a completed, consummated right for present or future enjoyment; not contingent; unconditional; absolute <a>.</a>

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3
Q

restraint on alienation

A

a provision in a deed or will that prohibits or limits a future transfer of P. If the provision expressly future transfer of a fee simple, it is void against public policy. (White cs)

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4
Q

holographic will

A

a will written entirely in the handwriting of the decedent and signed (no symbols)by her. Legal in CA. No witness.

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5
Q

freedom of alienation

A

transferability is necessary to ensure the productive use of land

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6
Q

equitable life estate

A

The essence of the trust is the separation of legal and equitable title.

A trustee holds legal title to the trust property and manages the assets as a fiduciary for the benefit of the trust beneficiaries, who hold the equitable title.

The interests of the beneficiaries are usually split into present and future interests.

The equitable life estate is the most frequent type of present interest.

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7
Q

remainder interest

A

capable of becoming possessory immediately upon expiration of the prior estate AND doesn’t divest (cut short) any interest in the prior transferee

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8
Q

remainder interest

A

The property that passes to a beneficiary after the expiration of an intervening income interest. • For example, if a grantor places real estate in trust with income to A for life and remainder to B upon A’s death, then B has a remainder interest.

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9
Q

Waste

A

an abuse or destructive use o property by one in rightful possession

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10
Q

Fee Tail

A

When you keep estate in the family to preserve wealth.
Indicated by “and the heirs of his body”
- not devisable
- Sentence preceded by “to B”
- Duration determined by lives of descendants

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11
Q

Fee Tail Special

A

O conveys “to G and the heirs of her body by R.” Adds a limitation. created when the transferor wants to restrict the fee tail only to the descendants of the transferee who are parented by a particular person. Goal: Keeping P in immediate bloodline.

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12
Q

fee simple determinable

A

a fee simple estate that automatically ends when a certain event or condition occurs, giving the right of possession to the transferor.

“until,” which connotes duration; freely alienable, devisable, and descendible

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13
Q

fee simple subject to a condition subsequent

A

may be terminated at the election of the transferor when a certain condition or event occurs. If condition happens, estate does not terminate automatically. Transferor terminates by taking action.

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14
Q

fee simple determinable

A

“until,” which connotes duration; freely alienable, devisable, and descendible

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15
Q

fee simple subject to a condition subsequent

A

If the condition happens, this estate does not end auto-

matically; rather, the transferor has the power to terminate the estate by taking action. This is a cause of action.

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16
Q

Quiet Title Action

A

A suit to establish P’s title to land

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17
Q

Equitable Title

A

Tes

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18
Q

Words of Purchase

A

“to G” - our first FSA transferee

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19
Q

Words of Limitation

A

“and heirs” - not legal title

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20
Q

Possibility of Reverter

A

Future interest of FSD (always). Can only be retained by transferor (and heirs). Automatically possessory upon happening of stated condition.

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21
Q

Executory Interest

A

Test

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22
Q

Intestacy

A

Person who dies w/o a will

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23
Q

Reversion

A

Future interest that becomes possessory upon the end of someone’s LE

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24
Q

Equitable Defense

A

A defense that provides an exception to a rule in the name of fairness

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25
Shifting Executory Interest
*We will discuss later
26
Heir
A relative of a DECEDENT; ppl who receive P under intestate succession laws
27
Heirs Apparent
Relatives of a LIVING person
28
Possibility of Revertor
If a condition is not met, it's possible that property will get returned to orig. grantor. (CLARIFY)
29
Right of Re-entry
TEST
30
Convey
Transfer of a deed
31
Life estate
Last for 1 human life
32
Numero Clouses
When you have too many title to property that you cannot have any more
33
Statute Quia Emptores
This was the beginning of free alienability. Gave a tenant the right to transfer property without permission of the Lord.
34
Alienable
Can be sold or given away during owner's lifetime
35
Devisable
transferred by will at death
36
Descendible
Property can pass by the laws of intestate succession if the owner dies without a will
37
Surviving collaterals
all other persons related by blood to the decedent
38
Life Tenant
Holder of a life estate
39
Sale
Right of grantor to transfer Property
40
Will - Divise
Right of living Property owner to determine who gets Property at death
41
Intestacy
Right of living person to get ancestor's land without will or trust
42
Die Intestate
To die w/o a will
43
Laughing Heirs
Don't care about death but show up to inherit property
44
Forfeiture
Very powerful - the moment a condition is breached, title automatically returns to original owner.
45
Promissory Restraint
If the promissory note is breached by the grantee, the grantor may sue for damages. Unlike disabling restraints, the effectiveness of the lawsuit does not prevent the transfer from being made. However, the Supreme Court says promissory restraints are not permissible. The promissory note discourages the person getting ready to sell the property which is the same effect as the disabling restraint
46
Right of entry
ALWAYS follows fee simple subject to condition subsequent - Future interest - Also called "power of termination" - Can only be retained by transferor and his heirs - Not automatic like FSD - Transferor can ELECT to reenter and sue to quiet title
47
Retain
Does not give away
48
Reversion
Future interest that is not possessory until one day when A dies, automatically reverts to O --> reversion becomes FSA
49
defeasible estate
created when a grantor transfers land conditionally. may end upon the occurrence of some Future event.
50
disentailing the tail
When a fee tail holder easily converts the estate into a fee simple by an inter vivos transfer to another person
51
defeasible estate
an estate that may end upon the occurrence of some Future event.
52
What is a completed deed transfer called?
conveyance or grant
53
What is a completed transfer of real property by will called?
devise
54
What is the completed transfer of intestate called?
intestate succession
55
Transfer of real prop by intestate is called?
descend to an HEIR
56
Words of purchase
identify a grantee
57
Next of kin
ppl who receive PERSONAL P by intestate succession
58
Issue and surviving spouse
"Issue" are lineal descendants—children, grand | children. If the decedent leaves a surviving spouse, the property will be shared among the issue and the spouse.
59
Ancestors and collaterals
If the decedent does not leave a spouse, issue, parents, or the issue of parents, the property goes (a) to any surviving ancestors and/or (b) to any surviving collaterals
60
fee simple defeasible
a fee simple that may continue forever or may end upon the occurrence of some future event. a way for landowner to control the future use of P.
61
fee simple defeasible
a fee simple that may continue forever or may end upon the occurrence of some future event. a way for landowner to control the future use of P.
62
Reversion
A transferor retains a reversion when she conveys a smaller estate than the one she has
63
Possibility of Reverter
possibility of reverter is the future interest retained by the transferor who holds a fee simple absolute, but conveys a fee simple determinable
64
Possibility of Reverter
possibility of reverter is the future interest retained by the transferor who holds a fee simple absolute, but conveys a fee simple determinable
65
Right of Entry
future interest retained by the transeror who holds a fee simple absolute, but conveys a fee simple subject to a condition subsequent
66
Right of Entry
future interest retained by the transferor who holds a fee simple absolute, but conveys a fee simple subject to a condition subsequent
67
Right of Entry
future interest retained by the transferor who holds a fee simple absolute, but conveys a fee simple subject to a condition subsequent
68
condition precedent
a condition that must be met before the remainder can become possessory, other than the natural termination of the prior estate
69
ascertainable person
alive and identifiable at time of transfer
70
condition precedent
a condition that must be met before the remainder can become possessory, other than the natural termination of the prior estate
71
Capable of becoming possessory
re: remainder. guaranteed possession not required. Just possibility. Ex: O conveys “to B for life, then to D if D becomes president.
72
"Does not divest"
re: remainder - remainder “waits patiently” for the preceding estate to expire before it becomes possessory
73
"Capable of becoming possessory"
re: remainder. guaranteed possession not required. Just possibility. Ex: O conveys “to B for life, then to D if D becomes president.

Property (9 decks)

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