Loading presentation...

Present Remotely

Send the link below via email or IM

Copy

Present to your audience

Start remote presentation

  • Invited audience members will follow you as you navigate and present
  • People invited to a presentation do not need a Prezi account
  • This link expires 10 minutes after you close the presentation
  • A maximum of 30 users can follow your presentation
  • Learn more about this feature in our knowledge base article

Do you really want to delete this prezi?

Neither you, nor the coeditors you shared it with will be able to recover it again.

DeleteCancel

Make your likes visible on Facebook?

Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.

No, thanks

Present Estates

No description
by

Professor Anderson

on 30 April 2016

Comments (0)

Please log in to add your comment.

Report abuse

Transcript of Present Estates

Present Estates
and
Future Interests

Property


O is transferring real estate
O cannot transfer more than he owns
O's instrument is a deed
intent of
grantor AND grantee
O is
conveying
property

O's instrument is a will
intent of
testator
O is
devising
property
Will the title holder only get the property
until
someone
dies
?
Life Estate
1.
Life Estate

or
2.
Life Estate Pur Autre Vie
BOTH can be
defeasible
YES
Fee Simple Estate
NO
present estate
plus at least one
future interest.
Are we using the title holder's life as the
measuring life
?
explicitly stated
life tenant conveyed interest

next
The present estate is a
life estate pur autre vie

No
The present estate is a
life estate
Yes
Is this estate defeasible?
Is
death
the only event that will terminate the present estate holder's interest?
not including waste; eminent domain
Then the present estate is
NOT defeasible.
either life estate OR
life estate pur autre vie
Yes
Two categories
Is the instrument silent as to a future interest?
OR
Does it mention a reversion to grantor/testator?
OR
Does it mention a reversion to grantor's/testator's heirs?
future interest
Future Interest
Reversion
to
grantor/testator
or
to his
heirs
Future Interest
Remainder
to
Remaindermen
Yes
No
If death is not the only event that can terminate, then the present estate IS defeasible
subject to executory limitation
subject to condition subsequent
determinable
No
Upon Triggering Event,
does the present estate go to
grantor/testator or his heirs?
intent
rules of construction
don't forget the
rules of
construction
Present Estate:
life estate
(OR life estate pur autre vie)
subject to executory limitation
No
Defeasible Future Interest:
Executory Interest
future interest
do the grantor/testator
or his heirs
automatically

get the present estate?

Yes
Present Estate:
life estate
determinable
Yes
A right must be affirmatively exercised
Present Estate:
life estate
(or life estate pur autre vie)
subject to a condition subsequent
preferred to a determinable


No
Defeasible Future Interest:
Possibility of Reverter
and remainder/reversion

future interest
Defeasible Future Interest:
Right of Entry/Reentry
and remainder/reversion

future interest
when the measuring life ends:
1) life estate ends, AND
2) executory interest ends, AND
3) someone gets remainder/reversion

another future interest
Reversion:
1) instrument is silent, or
2) states to grantor/testator
or his heirs

If not
, there is a
Remainder

to a third party (remaindermen)

next
Are there restrictions
on the fee title holder?
more than a purpose
besides waste; eminent domain
what kind of remainder?
This right can be waived
1) not timely exercised
2) fee title holder relied to her detriment
Shifting Executory Interest

what kind?
Fee Simple Absolute
estate goes to
fee title holder's devisees
then to heirs if no devisees
No
There is a:
defeasible fee simple estate
plus at least 1 future interest
Yes
If a triggering event
terminates the fee title,
do the grantor/testator or his heirs
get the title?

next
don't forget
the rules of
construction
Defeasible Fee Simple Estate:
Fee Simple subject to an
Executory Limitation
no
Future Interest:
Executory Interest
automatic to third party
shifting executory interest...
future interest
Yes
No
Do they get title
automatically?
yes
Defeasible Fee Simple Estate:
Fee Simple Subject to a
Condition Subsequent
right must be exercised by
grantor or his heirs. preferred.
no
This right can be waived
1) not timely exercised
2) fee title holder relied to her detriment
remember
Defeasible Fee Simple Estate:
Fee Simple Determinable
yes
Future Interest:
Right of Entry/Reentry
for grantor/his heirs
future interest
Future Interest:
Possibility of Reverter
for grantor/his heirs
future interest
Springing Executory Interest
divests the grantor/testator of his estate
"From O to A's heirs."
O has a fee simple subject to an executory limitation. A's heirs have a springing executory interest.
Springing executory interest?
Third party receives interest after
passage of time
another future
interest?
Vested (default)
1) Is the interest holder ascertainable?
2) Is there a condition subsequent?
Vested Remainder Subject to Open
or
Vested Remainder Subject to Divestment
YES
Executory Interest?
another future
interest?
Contingent Remainder
No
1) interest holder is
not ascertainable
2) there is a condition precedent
another future interest
Reversion to grantor/testator
alternative contingent remainder?
reversion to O?
another future interest?
Following the reversion:
Springing executory interest?
If there is a reversion:
springing executory interest?
Springing executory interest following reversion?
Full transcript