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A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum than he has (such as the owner of a fee simple granting a life estate or a leasehold estate).
An enhanced life estate deed, often referred to as a “Lady Bird” deed, is a legal document utilized in some areas to streamline the transfer of property ownership. This deed simplifies the ...
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
Analysis (O): O has a reversion (see above), since there is a one-year gap between A's estate and the succeeding estate Analysis (A): A has a possessory interest for life Analysis (B): B has a springing executory interest, since B's future interest follows the reversion to O, and if B reaches the age of 25 years after A's death B's interest ...
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
While any type of life insurance can benefit your family, term life is often surprisingly affordable — monthly premiums averaging around $16 to $19 for a 40-year-old with a 20-year policy and a ...
Life estate: An estate lasting for the natural life of the grantee, called a "life tenant". If a life estate can be sold, a sale does not change its duration, which is limited by the natural life of the original grantee. A life estate per autre vie is held by one person for the natural life of another person.
A person, A, conveys (gives) a piece of real property called "Blackacre" "to B for life, and then to C and her heirs". B receives a life estate in Blackacre. C holds a remainder, which can become possessory when the prior estate naturally terminates (B 's death). However, C cannot claim the property during B 's lifetime.