Estates and Future Interests Flashcards
Conveyances
Inter Vivos Transfer by Deed
O conveys “x” to A
Inter Vivios =
Conveys/grant
Conveyances
Testamentary Transfer by Will
Testator/rix = party who conveys “x”
Devisee = party who receives “x”
O devises or bequeaths “x” to A
bequeaths = all other property
devises = real property land/real estate
Conveyances
Intestate Succession
When a person dies without a will, the person’s property goes to an heir as determined by state law.
Present Possessory Interests
Fee Simple Absolute
Transferee has estate for a potentially infinite amount of time.
Transferee =
Ideal lagnuage = O to A and A’s heirs
Words of Purchase = O to A
Words of limitation = and his/her heirs
Present Possessory Interests
Life Estate
Transferee has estate for the duration of thier life.
O retains a reversion interest
Ideal language = O to A for life
Present Possessory Interests (Life Estate)
Life Estate Pur Autre Vie
O to A for the lfie of B; or
O to A for life, and then A conveys to B
Present Possessory Interests (Life Estate)
Equitable Life Estate
In common Trusts
O to T in trust for the use of B for life, then to C
Present Possessory Interests
Terms of years
Transferee has estate for a set duration of time
Ideal language = O to A for “x” year(s).
O retains a reversion interest
Majority State limit “x” to 99 years
