W3 VOCAB

Question 1

Life estate

Answer 1

An interest in real property that is held only for the life of the holder, in which the holder possesses no future interest beyond her lifetime. Although this type of estate is transferrable, the interest remains limited to the lifetime of the original holder of this type of estate, and the future interest passes to the remainderman at the (—-) holder’s death.

Question 2

Testamentary

Answer 2

Of or pertaining wills and/or the intent of a decedent to dispose of his or her property upon death.

Question 3

Inter vivos

Answer 3

A legal term of art typically referring to a transfer of property that takes place during the grantor’s lifetime, as opposed to a transfer that is effective only upon the grantor’s death, such as by will or intestacy. This type of transfer is usually distinct from a causa mortis transfer, which is a transfer made in contemplation of the grantor’s impending death.

Question 4

Remainder

Answer 4

A future interest in real property that becomes a present interest when the holder of a life estate dies.

Question 5

Causa mortis

Answer 5

A gift made in contemplation of death.

Question 6

Cy pres

Answer 6

A rule that allows the exact provisions of a charitable trust to be carried as closely as possible when carrying out the exact provisions is impossible or impracticable.

Question 7

Defeasible

Answer 7

Property interest in which the holder must use the property in a defined manner; in the event that the property ceases to be used in that manner, the property reverts to the owner.

Question 8

Choses in action

Answer 8

An interest in property that does not confer possession in a tangible object, which may be enforced by bringing a legal action.