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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.
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. ... For example, in Texas ...
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.
Unless a defeasible estate is clearly intended, modern courts will construe the language against this type of estate. Three types of defeasible estates are the fee simple determinable, the fee simple subject to an executory limitation or interest, and the fee simple subject to a condition subsequent. A life estate may also be defeasible.
There are some good reasons to consider using an enhanced life estate deed. For example, the main advantages include: Right to use (and profit from) the property. Control over the terms of the deed.
A ladybird deed, also referred to as an enhanced life estate, allows for the transfer of property to someone else while retaining control of the property. This type of deed can be used in ...
A has a possessory interest in life estate subject to executory limitation (B's executory interest). B has an executory interest, because his interest does not vest unless A's life estate terminates due to the 'unnatural' condition subsequent. The interest is shifting, because if A drinks, then the property "shifts" from one grantee to another.
Estate Planning Guide appeared first on SmartAsset Blog. It is possible, and sometimes advisable, to avoid probate. With the help of an estate planner and, perhaps, an attorney, you can learn how ...
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