Chapter Six - Dower, Curtesy, Wills and Descent Flashcards Preview

NJ Real Estate Exam > Chapter Six - Dower, Curtesy, Wills and Descent > Flashcards

Flashcards in Chapter Six - Dower, Curtesy, Wills and Descent Deck (8)
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1

Dower

-  The interest given to a wife by state law in the property of her husband upon his death.  

-  It is a Life Estate that in 1/2 of all lands owned by the husband at the time during the continuance of marriage. 

-  It is an Inchoate dower interest because during his life the wife's rights consist only of a possibility that she will receive anything upon his death.

-  It becomes Consummate upon death.

-  Dower is subject to liens and encumbrances to which the land was subject at the time of the marriage.  

-  Any real property transferred during the husband's lifetime without the wife's signature will be transferred with a cloud on the title.  

-  Dower & Curtesy was ended on May 28th, 1980.

 

2

Right of Possession

-  Dower and Courtesy were eliminated on May 29, 1980.  

Right of Possession Act: Each spouse has the right of joint possession during marriage with the other spouse of the property occupied as their principal matrimonial residence.  

-  The right can only be released with proper consent.

-  Death terminates marriage.  

-  Only a final judgment of divorce will terminate this marital right.

3

Curtesy

-  1/2 life estate given to a widowed husband.

4

Elective Share Law

-  Law introduced the concept of the augmented estate.  

Augmented Estate: surviving spouse can take 1/3 unless the the assets of the surviving spouse exceed this 1/3 amount.  

-  If the husband did not provide for his wife in his will.   

5

Laws of Descent

-  If there is no wil, property will pass to the descendent's heirs.

-  Heirs may encumber or convey legal title immediately but their title is not leagally marketable since all property will be subject to temporary possession of an executor.  

-  However, a beneficiary holding title as tenancy by the entirety or joint tenant woud immediately have marketable title.  

6

Probate

-  The legal process of determining that validity of a will, paying off the debts of the estate and determining who gets the remainder of the estate.  

7

Devise

-  A testamentary gift of real estate or personal property, 

8

Alienation

-  The transfer of property and possession of lands from one person to another.