System of Estates Flashcards
Decedent
Dead person
Heirs
People who inherit real property from a decedent who dies intestate (without a will).
Heirs are determined at the time of death –> living people have no heirs, only “heirs apparent.”
Devise & Devisees
Devise –> to pass real property
Devisee–> the person receiving the real property. Devisees are beneficiaries under a will.
Issue
A person’s lineal descendants all the way down the line. All children, grandchildren, and lineal descendants to the point where the biological line runs out.
Ancestors
A person’s biological forebears all the way up the line.
Collaterals
All blood relatives other than issue or ancestors. Includes siblings, cousins, aunts, etc.
Escheat
If decedent has no heirs or devisees, the interest in land “escheats” (passes) to the state.
Pur autre vie
For the life of another
Possessory Estate
The owner of the right to possess the land now owns the possessory estate.
(Possessory Interest)
Key distinction among possessory estates is whether (and to what degree) they are inherently limited in duration.
Future Interest
owner of the right to possess the land in the future
Freehold Estate
Owners of freehold estates have “seisin” -the right to possession of land accompanied by particular responsibilities like paying taxes.
Fee Simple
“O to A and his heirs.”
or
“O to A” (modern presumption)
Largest Freehold Estate with no inherent ending. Does not end naturally.
Words of Purchase
Tell you what kind of estate the grantee is receiving:
1- “and his or her heirs” tells you it is a fee simple.
Words of Limitation
Tell you what kind of limitation (if any) is inherent in the estate, whether it will end naturally.
Fee Tail
“to A and the heirs of her body.”
Freehold Estate. Exists in only four states & is subject to inherent restrictions. The law presumes that at some point it will end naturally (when the last lineal descendant dies). The land automatically passes to A’s issue (next lineal descendants).
Life Estate
“O to A for life.”
Freehold Estate. Owner (life tenant) has right to possess in his lifetime, but cannot sell, give, or devise the right to anyone else. When life tenant dies, the estate ends (goes back).
Term of Years (Leasehold estate)
“O to A for ___ years.”
Non-freehold estate. When owner of one of the other varieties of estates promises to let someone else use land for set period of time.
Defeasible Estate
Can be brought to an end (de-feased) by the occurrence of a particular event. Types of defeasible estates:
- Determinable
- Subject to a condition subsequent.
Determinable estate
Ends automatically upon happening of an event.
Marked by words of temporal limitation:
Until, So long as, While, During
Estate subject to condition subsequent
Does not end automatically upon the happening of a limiting event. To terminate, the grantor has to take some action to reclaim the property.
Marked by words of express condition:
But if, Provided that, On condition that, However
Limiting event occurs. What result?
- -> Determinable estate
- -> Estate subject to condition subsequent
–> Determinable estate = A’s interest ends & back to O
–> Estate subject to condition subsequent = O has a right to end A’s estate, but A keeps estate until O enforces right to take possession.
Future interests retained by grantor
These are made at the time the conveyance occurs.
- Reversion
- Possibility of Reverter
- Right of Entry
Reversion
When an estate ends naturally.
Grantor has a future interest in reversion when an estate ends naturally. It does not interrupt A’s possessory estate, but waits until the natural time span expires.
Possibility of Reverter
Following a Determinable Estate.
O has future interest in possibility of reverter when a certain event happens. Will not interrupt A’s estate.
Right of Entry
Following an estate subject to condition subsequent.
O has future interest in right of entry. When a possessory interest is subject to condition subsequent, the grantor must interrupt (or take action) the prior estate.
O to A and her heirs so long as A doesn’t divorce, but if A divorces, then back to O
A has -> Possessory estate in fee simple determinable.
O has-> possibility of reverter in fee simple absolute.
O to A, on the condition that A does not divorce.
A has -> possessory estate in fee simple subject to condition subsequent.
O has-> Right of entry.
O to A, provided that A never drills for oil on the property.
A has-> Possessory estate in fee simple subject to a condition subsequent.
O has-> right of entry in fee simple absolute.
O to A for 30 years while A resides on the premises.
Term of years determinable. O has reversion.
Future interest on an estate subject to condition subsequent
Right of entry
Future interest on determinable estate
Possibility of reverter
Future interest on estate that ends naturally
Reversion
What is B’s interest?
O to A for life, then to B.
Remainder
Remainder
O to A for life, > then to B.<
A grantee’s future interest that waits patiently for the possessory estate to end naturally.
