Estates and Future Interests Flashcards
The Four Categories of Estates
fee simple absolute
fee tail
defeasible fees
life estate
Fee Simple Absolute - Language
To A or To A and his heirs
Fee Simple Absolute - Characteristics
Absolute ownership that is devisable, descendible, and alienable
Fee Simple Absolute - Future Interest
None
Devisable
Give by will
Descendible
Capable of being inherited, even if no will
Alienable
Able to be sold or given to another party
Fee Tail - Language
To A and the heirs of body
Fee Tail - Characteristics
Pass directly to grantee’s lineal blood descendants, no matter what
Fee Tail - Future Interest
O aka Grantor (reversion)
Defeasible Fees
Ownership with a catch; 3 types
Fee Simple Determinable
Fee Simple Subject to Condition Subsequent
Fee Simple to Executory Limitation
Fee Simple Determinable - Language
To A for so long as - must use clear durational language
Fee Simple Determinable - Characteristics
Devisable, Descendible, and Alienable; all with a catch; as soon as condition is violated, forfeiture is automatic.
Fee Simple Determinable - Future Interest
Possibility of reverter in O
Fee Simple Subject to Condition Subsequent - Language
To A, but if X event occurs, grantor reserves the right to reenter and retake
Fee Simple Subject to Condition Subsequent - Characteristics
Estate is not automatic forfeiture if condition violated
Statute of limitations doesn’t start until grantor does something to assert right
Fee Simple Subject to Condition Subsequent - Future Interest
O has right of entry aka power to terminate
Fee Simple Subject to Executory Limitation - Language
To A, but if X event occurs, then to B
Fee Simple Subject to Executory Limitation - Characteristics
Breach is automatic forfeiture but in favor of someone other than the grantor
Fee Simple Subject to Executory Limitation - Future Interest
The entity who receives the property after breach is the shifting executory interest
Life Estate - Language
To A for life
or
To A for the life of B (pur autre vie)
Life Estate - Characteristics
Affirmative waste - willful acts of destruction
Permissive waste - neglect
Ameliorative waste - renovations that aren’t known/consented by future interests
Life Estate - Future Interest
O (grantor) - reversion
Third Party - remainder
Future Interests to the Grantor
Reverter (only w/ fee simple determinable)
Right of entry (only w/ condition subsequent)
Reversion (only when grantor has carved out less than they have)
