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Estates Terminology Flashcards

(65 cards)

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1
Q

legal interest that confers on its owner the right to present possession of some thing

A

Possessory estate

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2
Q

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

A

Future interest

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3
Q

an unqualified right to future possession retained by the party who created the possessory interest that precedes it

A

reversion

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4
Q

transfer of an interest in property

A

Grant or conveyance

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5
Q

Person making the grant

A

grantor

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6
Q

person receiving a grant

A

grantee

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7
Q

“during the life”

A

inter vivos

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8
Q

person who dies with valid will

A

testate

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9
Q

dies without valid will

A

intestate

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10
Q

dead person

A

decedent

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11
Q

male/female will owner

A

testator/rix

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12
Q

M/F that carries out instructions in will

A

Executor/Executrix

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13
Q

court appointed individual that disposes of estate

A

administrator/rix

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14
Q

Authority of administrator or executor

A

Probate court

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15
Q

letters to executor authorizing possession of estate’s assets and disposing of them IAW Will’s instructions

A

Letters testamentary

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16
Q

letters to administrator (intestate death) authorizing possession of estate’s assets and dispose of them IAW laws of intestate succession

A

Letters of administration

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17
Q

parties receiving the will’s bequests

A

Beneficiaries

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18
Q

real property receivers

A

devisees

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19
Q

decedent passes property by will

A

Devised

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20
Q

property interest transferred by will

A

Devisable

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21
Q

personal property receivers

A

legatees

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22
Q

parts of assets that the will does not provide for

A

Partial intestacy

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23
Q

disposes all assets of decedent not devised through specific bequests

A

residuary clause

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24
Q

those who are designated by law as successors of property that passes by intestate succession

A

heirs

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25
When is the first legally enforceable right created in intestate succession?
Death
26
Individuals expecting inheritance; children, parents, siblings
heirs apparent; issue, ancestors, collaterals
27
Person dies without will or heirs the property...
escheats to the state
28
Estate of indefinite duration
fee simple
29
estate that confers right to possession for the life of its owner
life estate
30
type of future interest created in someone other than the grantor
remainder
31
O’s interest is a future interest that reverts back after the natural termination of the life estate
reversion
31
a grantor cannot convey title to something she doesn’t herself own
nemo dat
32
identifies who the grantee is
words of purchase
33
defines the nature or quantum of an estate
words of limitation
34
In absence of clearly contrary words of limitation, conveyance will _________
convey the grantor's entire interest
35
Two types of defeasible estates
Auto-limiting and Grantor must take action
36
O to A, (so long as, while, during, until) A does not divorce is an example of what?
Possibility of reverter (possibility= language within ())
37
O to A, (but if, provided that, on condition that, however), then back to O
Right of entry (right = language within ())
38
condition that precedes the possibility of an interest becoming possessory
Condition precedent
39
1) created in someone other than the grantor; 2) must wait until the preceding estate naturally terminates to become possessory
Remainder
40
1) created, retained by, the grantor of the interest; and 2) must wait until the preceding estate naturally terminates to become possessory
Reversion
41
1) created in unascertained or unborn person; 2) condition precedent other than natural termination of preceding possessory estate
Contingent remainder
42
has no condition precedent inside the language creating it and is given to an ascertained person
Vested remainder
43
If a conveyance creates some gap in rightful possession, who/what fills the gap
Gap is filled by grantor's original and retained right to possession
44
Measure of an estates size
quantum
45
B's interest? O to A for life, then to B for life
remainder in life estate
46
B's interest? O to A for life, then to B
Remainder
47
B's interest? O to A, so long as A does not divorce A, then to B
Executory interest
48
B's interest? O to A, but if A divorces, then to B
EXECUTORY INTEREST SUBJECT TO EXECUTORY LIMITATION
49
Executory interest that follows an estate in a grantee
shifting
50
Executory interest that divest the grantor
springing
51
an estate that looks like a fee simple absolute, but can be divested (cut short and destroyed) by some future interest
Defeasible fee
52
Future interest that cuts short or divests a prior interest in a grantee
Executory interest
53
future interest that cuts short the prior estate is created in the grantor
Possibility of reverter
54
future interest in the grantor that cuts short or divests a prior estate limited by words of condition
Right of entry
55
conveyance to a group of people identified by their membership in some identified group
Class grant
56
future interest that can be diluted by adding more members of a class
Vested remainder subject to open
57
vested remainder that is neither subject to divestment nor subject to open
Indefeasibly vested remainder
58
Two types of waste
Voluntary, permissive
59
Erecting or demolishing a structure; extracting resources
voluntary waste
60
fail to pay taxes, make repairs
permissive waste
61
change to land that may increase market value but changes nature of the land
ameliorative waste
62
lawful possessor takes acts that affect the abilities of a future possessor
waste
63
2 approaches to waste
Waste can be reasonable if occurs within reasonable use(Melms); any material change w/out consent is waste(Brokaw)
64

Property (7 decks)

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