Chapter 3: Life Estate Flashcards
(23 cards)
Life estate
Present estate that is limited by a life
Oliver conveys Blackacre “to Anna for life.” This life estate is measured against who’s life?
Anna’s
How to create a life estate
Magic words: “for life”
If its ambigious as to whether there is a life estate or not, look to ?
look to the grantors intent to create an estate that will end upon the death of the measuring life
The life estate ends naturally when the ?
when the measuring life ends
Is a life estate transferable?
Yes
Oliver conveys Blackacre “to Anna for life.” Anna later transfers her interest to Ben. When will Ben’s interest terminate?
Anna’s life
Can a life tenant pass the property by will?
No, the life estate ends at the life tenant’s death.
Can a life tenant pass the property by intestate succession?
No, the life estate ends at the life tenant’s death.
Oliver conveys Blackacre “to Anna for life.” Anna dies, leaving her son Ben as her sole heir. Does Ben inherit Anna’s life estate?
No, anna’s interest ended on her death.
What are the future interests following a life estate
- Reversion
- Remainder
Reversion
When possession of the land goes back to the grantor after the life estate ends
Oliver conveys black acre “to Anna for life.” Oliver retains a ______. Upon anna’s death, Oliver takes the property in ________.
Reversion; fee simple absolute
Remainder
When possession of the land goes to a third party after the life estate ends
Oliver conveys Blackacre “to Anna for life, then to Ben.” During Anna’s life, ben has a _____?
Remainder (Ben then takes possession in fee simple when Anna dies and Oliver gets nothing)
Waste
Comes into play when more than one party has an interest in the same piece of real property.
Oliver conveys Blackacre “to Anna for life.” Anna has been dumping hazardous material son the property. The doctrine of waste gives ?
Oliver a claim to stop Anna from injuring the land b/c he has a reversion
What are the 3 kinds of waste
- Affirmative waste
- Permissive waste
- Ameliorative waste
Affirmative waste
Waste caused by voluntary conduct, which causes a decrease in value (ex. dumping hazardous materials on property)
Permissive waste
Waste caused by neglect toward the property, which causes a decrease in value (ex. not cleaning property after storm)
Ameliorative waste
Special situation where a life tenant or other person in possession changes the use of the property and actually increases the value of the property (ex. renovation of a house)
Situations where the doctrine of waste applies:
Not just unique to estates and future interests. It also applies to:
- Landlord v. tenant
- Co tenant out of possession v. tenant in possession
- Mortgagee (bank/lender) v. Mortgagor (borrower)
What 3 questions to ask to spot a waste problem
- Do multiple parties have simultaneous interests?
- Is there a change in the value of the property due to the actions/inactions of the party in possession?
- Will the waste substantially change the interest taken by the party out of possession?
