Future Interests Flashcards
What is the general rule with regards to future interests?
-> what does grantor get?
-> what does beneficiary get?
A grantor retains a reversion, possibility of reverter, or right of entry.
The beneficiary is given. remainder or an executory interest.
What are the rules regarding class gifts?
-> class member dies
-> modern trend, and why we have this?
The share of a deceased class member is paid to that class member’s surviving issue (and if their issue dies then another class member gets it).
By statute, the modern trend is that a substitute gift is created in the descendants of the deceased issue so that a predeceased beneficiary’s interest in a trust will not lapse (meaning it’ll keep going down the line of issues from the original class member)
-> because anti-lapse statutes do not apply to non probate gifts
