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Property > Estates and Interests > Flashcards

Estates and Interests Flashcards

1
Q

Descendible

A

A property interest that can pass by intestate succession

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2
Q

Devisees

A

Parties receiving the bequests for real property

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3
Q

For real property, we say that the testator…. the property to her….

A

Devised; devisees

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4
Q

Administratrix

A

Court appointed female that carries out an intestate will

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5
Q

Reversion

A

retained interest in the grantor; created when a grantor conveys less that his entire interest that will become possessory upon the natural termianation of the preceding estate

– Future interst
– O has a FSA, gives A a LE, Something is left over which is still O’s
– “to A for life”
– “to A for life, then to O”

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6
Q

Vested Remainder subject to open

A

Not contingent, will become possessory at some point, BUT it belongs to a class of recipients that can expand in the future

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7
Q

Decedent

A

Dead person

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8
Q

Devise

A

Testamentary conveyance of real property

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9
Q

Devisable

A

A property interest that the decedent has the power to transfer by will

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10
Q

Fee simple subject to executory limitation (in a grantor)

What goes with this?

A

Springing executory interest

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11
Q

Vested Remainder Subject to Divestment

A

Not contingent but can be completely prevented from ever becoming possessory

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12
Q

Probate Court

A

Court that confers the authority to dispose of a decedent’s estate to an executor or administrator

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13
Q

Inherit

A

When heirs take the property
- must be alive when the decedent dies
- relatives only have an expectancy until the p/o dies (not enforceable)

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14
Q

Testator

A

Male decedent that left a valid will

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15
Q

Springing Executory Interest

A

Can cut short a proceeding possessory estate of the grantor

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16
Q

Hiers apparent

A

Heirs while the p/o is still alive

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17
Q

Escheats

A

What happens to a person’s property when that person dies without a will and without any heirs at law; the property goes to the state

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18
Q

Bequest or Legacy

A

Testamentary conveyance of personal property

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19
Q

Contingent Remainder

A

It’s created in an unascertained or unborn person

OR

It is subject to a condition precedent other than the natural termination of the possessory estate

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20
Q

Categories of Heirs

A

Issue: direct descendants of the decedent (children, grandchildren, etc.)
Ancestors: parents, grandparents, etc.
Collaterals: relatives who are not direct ancestors or descendants (siblings, aunts, uncles, nieces, nephews, cousins)

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21
Q

O

A

Original owner

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22
Q

Shifting Executory Interest

A

Can cut short a proceeding possessory estate of a grantee

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23
Q

A, B, C, etc.

A

Other owners

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24
Q

Remainderman

A

Holder of a remainder

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25
Q

Fee Simple Subject to Condition Subsequent

A

Has a future right of entry

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26
Q

Right of entry

A

Words of limitation appear after the comma, in the words of condition

But if,
Provided that
On condition that
However

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27
Q

Residuary Estate

A

Unenumerated assets

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28
Q

Letters Testamentary

A

What is issued to an executor authorizing him to take possession of the estate’s assests and dispose of them according to the will’s instructions

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29
Q

Executrix

A

Female who carries out the instructions of a will

30
Q

Testate

A

Person who dies with a valid will; dies testate

31
Q

Partial Intestacy

A

What is created when there are unallocated assets; when this happens what is specified are distributed according to the will + the ones that aren’t are distributed according to the laws of intestate succession

32
Q

Grant or Conveyance

A

Transfer of an interest in property

33
Q

Legatees

A

Parties receiving the bequests for personal property

34
Q

If she has a valid will, she died…

A

Testate

35
Q

Blackacre

A

Parcel of land; real property; land

36
Q

Fee Simple Determinable

A

Has a possibility of reverter

37
Q

Retained interest

A

The residual interst left over when a grantor gives away less than they have

38
Q

Possibility of Reverter

A

Words of limitation appear before the comma, in the words of duration

until
so long as
while
during

39
Q

O to A, but if A divorces, then back to O

A

Right of Entry

40
Q

Indefeasibly Vested Remainder

A

Not contingent, will become possessory, and the class of recipients will not expand in the future

41
Q

Words of limitation

A

Words that define or limite the nature of quantum of the estate that will be held by A

42
Q

Heirs or Heirs at law

A

Those who are designated by law as successors to property that passes by intestate succession rather than by will; THERE IS NO VALID WILL

43
Q

Lestters of Administration

A

What happens when the decendent dies intestate; the court will issue this to an administrator authorizing him to take possession of the estate’s assets and dispose of them according to the laws of intestate succession

44
Q

Divested

A

Cut short and destroyed

45
Q

If she doesn’t have a valid will, she died….

A

Intestate

46
Q

Residuary Clause

A

Used to avoid partial intestacy; disposing of all the assets the decedent did not devise through specific bequests

47
Q

Inter vivos conveyance

A

Grant is made during the life of the grantor

48
Q

Remainder

A

Type of future interest in someone other than the grantor

– cannot cut short or divest any possessory estate

49
Q

Grantee or Transferee

A

Person receiving a grant

50
Q

Admit the will to probate/probate the will

A

What happens when a valid will is filed with the court + deemed to be valid

51
Q

Testatrix

A

Female decedent that left a valid will

52
Q

Intestate

A

Person who dies without a valid will; dies intestate

53
Q

Devised

A

When a decedent passes property by will; He/she devised that property

54
Q

Grantor or Transferor

A

Person making the grant

55
Q

Beneficiaries

A

Parties receiving the bequests

56
Q

Revisioner

A

Holder of a revision

57
Q

Fee Simple Absolute

A
  • Most common interst in land
  • “O owns Blackacre”
  • “to A”
  • It has no inherent end; an estate of indefinite duration
  • Can be transferred but cannot be destroyed
58
Q

Testamentary conveyance

A

Grant made in a will

59
Q

Possessory Estate

A

a legal interest that confers on its owner the right to present possession of something

60
Q

Condition precedent

A

A condition that precedes the possibility of an interest becoming possessory

61
Q

Future Interest

A

a legal interest that exists in the present, but does not entitle the owner to possession until some point in the future

62
Q

Administrator

A

Court appointed male that carries out an intestate estate

63
Q

Executor

A

Male who carries out the instructions of a will

64
Q

Estate

A

The collective assests that a decedent had

65
Q

Nemo dat quod non habet

A

A grantor cannot convey title to somethat she doesn’t herself own; they can only give what they have not anything more

66
Q

Life Estate Pur Autre Vie

A

Life interest that is measured by the life of someone other than its owner

“to A for the life of B”

67
Q

Fee simple subject to executory limitation (in a grantee)

A

Shifting executory interest

68
Q

O to A so long as A does not divorce.

A

Possibility of Reverter

69
Q

Vested remainder

A

Has no condition precedent inside the language creating it and is given to an ascertained person

70
Q

The court will follow the will’s instructions and trasfer the property to the will’s ….

A

Beneficiaries

71
Q

Life Estate

A

An estate that confers a right to possession for the life of its owner
- terminates upon the owner’s death
- “to A for life”
- Subject to a future interest by some other person

Property (5 decks)

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