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Estates in Land (Present Possessory Estates (Fee Tail, Fee simple absolute…
Estates in Land
Present Possessory Estates
Defeasible Fees
Fee Tail
Fee simple absolute
full possessory rights, now and in the future.
Life Estates
Fee simple determinable (and possibility of Reverter) - seat that automatically terminates on the happening of a stated event and goes back to the grantor.
Fee simple subject to condition subsequent (and right of reentry)
Fee simple subject to an executory interest
Limitations on possibilities of reverter and rights of entry
Estate for years, periodic estates, estates at will, tenancies at sufferance
Future Interest
Reversioner interest -future interest in Transferor
Remainders
Executory interest
Class gifts
Concurrent Estates
joint tenancy
Tenancy by the entirety
Tenancy in Common
Trust
Concepts
settlor
trustee
beneficiaries
Creation of trust
Inter vivos conveyance
intervivos declaration
testamentary conveyance
pour-over into existing trust
The Rule against Perpetuities
when it begins
wills - date of testator's death
revocable trust - date trust becomes irrevocable
irrevocable trust - date trust is created
deeds -date deed is delivered with intent to pass title
Rule against restraints and alienation
types of restraint of alienation
disabling
forfeiture
promissory restraints