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46 Cards in this Set
- Front
- Back
Heirs
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includes:
issue, ancestors, and collaterals. |
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Issue / Descendants
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children, grandchildren, great grandchildren of decedent
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Ancestors
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decedents parents
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Collaterals
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remote relatives of decedent, such as:
brothers, sisters, uncles, aunts |
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Escheat
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no taker... then the property passes to a State government
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By Representation
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a common approach is division at generational level with surviving descendants
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Name of Parties in Deed Conveyance
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O -> grantor
A, B -> grantee |
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Name of Parties to a Will (at death)
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O -> testator
A, B -> Devisee |
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Name of Parties in either a Deed or Will?
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O -> transferor
A, B -> transferee |
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What type of interest can the transferor have?
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possible future interests (reversion)
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What type of interest can the transferee have?
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present possessory estate
future interest |
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Fee Simple
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"words of purchase "to A", may last forever
"and his heirs" words of limitation |
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Fee Tail
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lasts until the bloodline runs out
"To A and the heirs of his body" |
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Life Estate
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lasts for the duration of one's life
"To A for life" "for life" words of limitation |
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Leasehold Estate
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usually lasts for a period of time measured by the calendar
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Steps in classifying future interests:
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1) read the exact language
2) analyze the interests in sequence 3) classify the present possessory estate. 4) ask who holds any future interest - the transferor or the transferee |
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Future Interests retained by the transferor
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Reversion
Possibility of Reverter Right of Entry |
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Future Interests created in Transferee
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Vested Remainders
Contingent Remainders Executory interests |
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Steps in classifying future interests:
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1) read the exact language
2) analyze the interests in sequence 3) classify the present possessory estate. 4) ask who holds any future interest - the transferor or the transferee |
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Future Interests retained by the transferor
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Reversion
Possibility of Reverter Right of Entry |
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Future Interests created in Transferee
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vested remainder
contingent remainder executory interests |
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Possibility of Reverter is associated with what fee?
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Fee Simple Determinable (FSD)
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Right of Entry is associated with what fee?
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associated with fee simple subject to condition subsequent (FSS2CS)
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What is a vested remainder?
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1) ascertained person
AND 2) Not subject to condition precedent. |
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What is a contingent remainder?
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1) Un-ascertained person
OR 2) Contingent to condition precedent. |
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Executory Interests follow?
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vested fee simple
vested in possession of remainder. |
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Tenancy In Common - TIC
(CO-Tenants) |
Modern Presumption:
Default estate even if conveyance satisfies the four unities of JT unless the parties adequately express an intent to create a joint tenancy. Separate but undivided intersts in the property. |
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Joint Tenancy - JT
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Common Law Presumption
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Tenancy by the Entirety - TBE
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Husband and Wife, only available in in 20 states and disappearing
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TIC
How Conceived |
seized of an undivided share of the whole (half and half, but conceptually considered undivided interest)
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JT
How Conceived |
seized of a share and of the whole.
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TBE
How Conceived |
seized by the whole
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TIC
How Created |
a) created by an inter vivos conveyance
b) often a result of inheritance - inheritance of one item of property by more than one person, a tenancy in common is created |
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JT
How Created |
Four Unities:
time title interest possession |
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Four Unities:
Time |
vested at the same time
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Four Unities:
Title |
created by the same instrument
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Four Unities:
Interest |
same type of interests for the same duration
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Four Unities:
Possession |
equal right to possess the whole (possession is also for TIC)
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JT
Key Language |
"to A and B jointly" ambiguous
"to A and B as joint tenants" is better, but in some States it is no guarantee "to A and B as joint tenants with right of survivorship" is good. "to A and B as joint tenants with right of survivorship and not as tenants in common" is perfect |
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JT
Statutes |
statutes may be used to specify the language used to create JTs
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TBE
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same as joint tenancy plus marriage
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Four Unities:
Interest |
same type of interests for the same duration
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Four Unities:
Possession |
equal right to possess the whole (possession is also for TIC)
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JT
Key Language |
"to A and B jointly" ambiguous
"to A and B as joint tenants" is better, but in some States it is no guarantee "to A and B as joint tenants with right of survivorship" is good. "to A and B as joint tenants with right of survivorship and not as tenants in common" is perfect |
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JT
Statutes |
statutes may be used to specify the language used to create JTs
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TBE
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same as joint tenancy plus marriage
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