Estates Terminology Flashcards
legal interest that confers on its owner the right to present possession of some thing
Possessory estate
legal interest that exists in the present, but does not entitle the owner to possession until some point in the future.
Future interest
an unqualified right to future possession retained by the party who created the possessory interest that precedes it
reversion
transfer of an interest in property
Grant or conveyance
Person making the grant
grantor
person receiving a grant
grantee
“during the life”
inter vivos
person who dies with valid will
testate
dies without valid will
intestate
dead person
decedent
male/female will owner
testator/rix
M/F that carries out instructions in will
Executor/Executrix
court appointed individual that disposes of estate
administrator/rix
Authority of administrator or executor
Probate court
letters to executor authorizing possession of estate’s assets and disposing of them IAW Will’s instructions
Letters testamentary
letters to administrator (intestate death) authorizing possession of estate’s assets and dispose of them IAW laws of intestate succession
Letters of administration
parties receiving the will’s bequests
Beneficiaries
real property receivers
devisees
decedent passes property by will
Devised
property interest transferred by will
Devisable
personal property receivers
legatees
parts of assets that the will does not provide for
Partial intestacy
disposes all assets of decedent not devised through specific bequests
residuary clause
those who are designated by law as successors of property that passes by intestate succession
heirs
When is the first legally enforceable right created in intestate succession?
Death
Individuals expecting inheritance; children, parents, siblings
heirs apparent; issue, ancestors, collaterals
Person dies without will or heirs the property…
escheats to the state
Estate of indefinite duration
fee simple
estate that confers right to possession for the life of its owner
life estate
type of future interest created in someone other than the grantor
remainder
O’s interest is a future interest that reverts back after the natural termination of the life estate
reversion
a grantor cannot convey title to something she doesn’t herself own
nemo dat
identifies who the grantee is
words of purchase
defines the nature or quantum of an estate
words of limitation
In absence of clearly contrary words of limitation, conveyance will _________
convey the grantor’s entire interest
Two types of defeasible estates
Auto-limiting and Grantor must take action
O to A, (so long as, while, during, until) A does not divorce is an example of what?
Possibility of reverter (possibility= language within ())
O to A, (but if, provided that, on condition that, however), then back to O
Right of entry (right = language within ())
condition that precedes the possibility of an interest becoming possessory
Condition precedent
1) created in someone other than the grantor; 2) must wait until the preceding estate naturally terminates to become possessory
Remainder
1) created, retained by, the grantor of the interest; and 2) must wait until the preceding estate naturally terminates to become possessory
Reversion
1) created in unascertained or unborn person; 2) condition precedent other than natural termination of preceding possessory estate
Contingent remainder
has no condition precedent inside the language creating it and is given to an ascertained person
Vested remainder
If a conveyance creates some gap in rightful possession, who/what fills the gap
Gap is filled by grantor’s original and retained right to possession
Measure of an estates size
quantum
B’s interest? O to A for life, then to B for life
remainder in life estate
B’s interest? O to A for life, then to B
Remainder
B’s interest? O to A, so long as A does not divorce A, then to B
Executory interest
B’s interest? O to A, but if A divorces, then to B
EXECUTORY INTEREST SUBJECT TO EXECUTORY LIMITATION
Executory interest that follows an estate in a grantee
shifting
Executory interest that divest the grantor
springing
an estate that looks like a fee simple absolute, but can be divested (cut short and destroyed) by some future interest
Defeasible fee
Future interest that cuts short or divests a prior interest in a grantee
Executory interest
future interest that cuts short the prior estate is created in the grantor
Possibility of reverter
future interest in the grantor that cuts short or divests a prior estate limited by words of condition
Right of entry
conveyance to a group of people identified by their membership in some identified group
Class grant
future interest that can be diluted by adding more members of a class
Vested remainder subject to open
vested remainder that is neither subject to divestment nor subject to open
Indefeasibly vested remainder
Two types of waste
Voluntary, permissive
Erecting or demolishing a structure; extracting resources
voluntary waste
fail to pay taxes, make repairs
permissive waste
change to land that may increase market value but changes nature of the land
ameliorative waste
lawful possessor takes acts that affect the abilities of a future possessor
waste
2 approaches to waste
Waste can be reasonable if occurs within reasonable use(Melms); any material change w/out consent is waste(Brokaw)
