Estates And Future Interests Vocab Flashcards
(19 cards)
Estate
A present possessory property interest (a bundle of rights) (defined in terms of relationship between persons with respect to the land)
Future interest
Interest in property (real or personal or in trust) which is the privilege of possession or enjoyment in the future
Testator (he)/testatrix (she)
Person making the will
Testator (he)/testatrix (she)
Person making the will
Devise
To die and leave property by a valid will
Divisor
Person who leaves the property by will
Divisee
Person who receives the property
Intestacy
Dying without a will
Intestate (he)/ intestatrix (she)
Person who dies without a will
Convey/transfer/grant
Passing property inter-vivos
Heir
Person who inherits property from someone who died without a valid will (intestate); cannot be known until owner dies
Divisee/legatee
Person named to get property under a valid will
Ancestor
Parents, grandparents, etc
Issue
Children, grandchildren, etc
Collaterals
Everyone else related to you (siblings, aunts, etc
Escheat
When someone dies intestate (no valid will) and leaves behind property, the property goes to the state
Life estate
Present possessory: limited by persons life; followed by a future interest (implied); future interest usually followed by “remainder” or a “reversion”
Fee simple absolute
Lasts forever; no future interest; passes in intact
Compare: life estate v. fee simple absolute
a. FSA + no future interest
b. LE + reversion
