Free Essay

Present Estates

In: Other Topics

Submitted By Gmain
Words 495
Pages 2
A. THE PRESENT ESTATES

(1) Fee Simple Absolute
• Future Estate: None
• Language Creating FSA: (a) to “A and his heirs (b) to “A, his heirs and assigns” (c) to “A”
• Duration: Unlimited
• Transferability: By deed, will or intestacy
• FSA is form of undivided ownership
• It is unlimited in duration
• Words of purchase: words of conveyance “A”
• Words of limitations: words that describe or limit the estate which is transferred “to his hears”; also designate something less than FSA “to A for life”
• The owner A can transfer himself does not need his hears to join him to convey
• The statute usually provides that any conveyance will be presumed to pass entire estate (FSA) to the grantor unless the contrary intent is expressed in document

Meaning of “words of purchase”
• Does not necessary mean A bought the land it could be gift, inheritance etc
Meaning of “heirs”
• Has a technical meaning, descendents of a person who died intestate
• Living person does not have heirs, can have presumptive heirs
Meaning of “words of inheritance”
• “and his heirs” are not only words of limitation but also words of inheritance
• They describe inheritable estate which does not end with the holder’s death like in life estate

• FSA holder has the largest estate know to law
• The grantees enjoyment of the estate may be encumbered by interests in land by mortgage, private nuisance etc, government may restrict use of land in manner that would jeopardize health, safety etc.

(2) Defeasible Fee Estate
• Owner of FSA can transfer an estate in fees simple and still keep his strings attached to it. Can be done in two ways:
(1) determinable estate: estate which ends automatically upon the happening of event is called
(2) estate of condition subsequent: estate which only becomes vulnerable to being terminated at the grantor’s election

Other terms for “determinable” qualified fee, fee on special limitation, base fee. The estate on condition subsequent is sometimes called fee on condition, fee subject to condition Meaning of “defeasible” both determinable estate and estate of condition subsequent have one thing in common: they may not last as long as FSA Terms to describe the future interests corresponding to the defeasible estates
• the interest left in grantor after transferring fee simple determinable is called possibility of reverter.
• The interest left after transfer of fee on condition subsequent is called right of entry or power of termination

• Third kind of defeasible fee – when grantor uses language which requires the estate to shift over to a third party upon happening of event rather than coming back to grantor “To A and his heirs, but if B marries C, over to B and his heirs.”
• The transferor can only transfer what she or he owns. You can transfer defeasible fee by he same way you can FSA (will, deed, intestacy) but only what you have under that defeasible fee
• Word of condition alone have been held not to create a fees simple on a condition subsequent

Similar Documents

Free Essay

Unsw Fins 2643 Chap 18 Solns

...this website for any other purpose requires written permission from the Publisher. © 2009 Reed International Books Australia Pty Limited trading as LexisNexis: Ancillary for Financial Planning in Australia, 3rd ed., by Taylor, Juchau, Houterman Financial Planning in Australia CHAPTER 18 — ESTATE PLANNING — CORE PRINCIPLES AND PRACTICE Solutions to Questions Question 1 The seven steps in the estate planning process are: 1 2 3 4 5 6 7 Identify and prioritise the client’s objectives. Assess the current and likely future circumstances. Ascertain adequacy of short- and long-term funding. Assess and identify problems. Formulate the strategy. Implement the plan. Ongoing review. Question 2 Individuals control their wealth either directly through their direct, personal ownership or through intermediate structures or arrangements such as companies, trusts, partnerships, joint ventures or other comparable enterprises. Estate Asset Testamentary Asset, eg solely owned asset Non Testamentary Asset Jointly owned asset Life, ‘TPD’, Trauma or other Insurance Likely Decision-maker Willmaker Likely Governing Document Will Legal owner of property, eg Governing document of company or trustee estate structure Surviving joint owner Policy owner or nominated beneficiary Surviving joint owner’s Will Insurance Policy Nomination Superannuation/Allocated Pension/ Fund member Self-managed Superannuation Fund (binding nomination) Superannuation/Allocated Pension (no binding nomination)......

Words: 6963 - Pages: 28

Free Essay

Finance

...LAWS OF KENYA The Law Of Succession Act CHAPTER 160 Revised edition 2008 (1984) Published by the National Council for Law Reporting Nairobi  2008] Law of Succession CAP 160 CHAPTER 160 THE LAW OF SUCCESSION ACT ARRANGEMENT OF SECTIONS Part I- Preliminary Section 1-Short title and commencement. 2-Application of Act. 3-Interpretation. 4-Law applicable to succession. Part II- Wills Capacity 5-Persons capable of making wills and freedom of testation. 6-Appointment by will of executor. 7-Wills caused by fraud, coercion, importunity or mistake. Formalities 8-Form of wills. 9-Oral wills. 10-Proof of oral wills. 11-Written wills. 12-Incorporation of papers by reference. 13-Effect of gift to attesting witness. 14-Witness not disqualified by being executor. 15-Existing wills. 16-Formal validity of other wills. Revocation, Alteration and Revival 17-Will may be revoked or altered. 18-Revocation of will. 19-Revocation of will by testator’s marriage. 20-Effect of obliteration, interlineation or alteration in will. 21-Revival of will. Construction 22-Construction of wills. 2008] Law of Succession Section CAP 160 Failure of Dispositions 23-Failure of testamentary dispositions. 24-Election. Election Perpetuities, Remoteness and Accumulations 25-(Repealed by 6 of 1984.) Part III- Provision For Dependants 26-Provision for dependants not adequately provided for by will or on intestacy...

Words: 69138 - Pages: 277

Free Essay

Test2

...I give and bequeath $100,000 to the American Red Cross. I give, devise and bequeath all of the rest, residue and remainder of my estate to my grandson, Dave. Walt signed the will at Len’s office, and at Walt’s request, Len and Walt’s son, Ben, signed as witnesses in the presence of Walt and each other after Walt acknowledged that the document was his will. In 2000, Walt duly executed a new will which expressly revoked any and all wills previously made by him. In 2001, Walt decided that he did not like the terms of the 2000 will and physically destroyed it by his own hand. Walt died last year, survived by Amy, Ben, Cal, and Dave. Dave is Walt’s only grandson and is the son of Walt’s deceased son, Ed. The 1995 will has been admitted to probate over the objections of Cal that the 1995 will had not been properly executed and that, in any event, it had been revoked. Walt’s residence has been valued at $300,000, and his 100 shares of C Corp. have been valued at $200,000. After payment of all debts, expenses and taxes, the net estate, including the residence and the C Corp. shares, is $600,000. (1) (a) (b) Was the 1995 will properly executed? Assuming the 1995 will was properly executed, was it properly admitted to probate? (2) Assuming the 1995 will was properly admitted to probate, what part, if any, of the net estate should be distributed to: (a) Amy? (b) Ben? (c) Cal? (d) The American Red...

Words: 18165 - Pages: 73

Free Essay

Zara's Dilemma After Downturn

...costs. Get $50,000 assistance from parents for down payment. Monthly Net Income: $90,000 Gross, $65671.50(After Taking Out Personal Taxes: $21,754, CPP 2,480, EI $931) Assets (Present): None .Liabilities (Present): Student Debt ($25,433) + Credit Card Debit ($5,064) Based on the evaluation of Zara’s criteria, current financial situation and overall circumstances, Zara should purchase a one bedroom + den unit (574 sqf) in SQ2 located at Queen Street West and Spadina Ave. The condo, situated in Alexandra Park neighbourhood, is home to several retail stores and home to young professionals which fit Zara’s criteria fairly well. Zara is concerned that she will be “house poor” if she purchases a condo at the present time. However, after a closer look at her savings for initially staying at home until the possession date in mid 2018, she will have enough funds for a decent size condo unit and not be house poor. To ensure that Zara was making the right decision, a closer look at relevant facts including the macro environment, personal financial situation and preferences, and options would be appropriate. Experts are predicting that the Toronto condo market will crash in the upcoming years due to vast supply of units as more condos keep coming online. The news has created fear in Zara’s parents of a real estate bubble that influenced them to conclude its best to wait for a market correction. However, Zara must reinforce the fact with her parents that she is not buying the condo......

Words: 1815 - Pages: 8

Free Essay

Last Will and Testament for John B. Cook

...property and all of my real property, of whatever nature and wherever found, to my beloved wife, MARY KATHERINE COOK, if she shall be living at my death, with the exception of the specific bequests listed in the paragraph titled THIRD. THIRD: I give specifically One Thousand Dollars ($1,000) to my church, the Fifth Avenue Missionary Baptist Church, to aid in missions work. I give specifically Five Hundred Dollars ($500) to my sister, SARAH COOK BURNETT, since she has had a hard time making ends meet since the death of her husband. This is Page 1 of My Will________________ FOURTH: If my wife, MARY KATHERINE COOK, shall predecease me or not survive me by as many as thirty (30) days, I hereby give, devise, and bequeath all of my estate, whether real property or personal property, to my two (2) children, MARY RACHEL COOK and JOHN BLAIR COOK, JR., equally per stirpes. FIFTH: If my wife does not survive me, then I nominate and appoint Mr. and Mrs. ROBERT T. COOK, my parents, to be the Guardians of my minor children; and I hereby direct that they be allowed to expend those...

Words: 1418 - Pages: 6

Free Essay

Using the Case Study Provided at the End of the Module, Identify and Explain the Client's Issues and Devise a Course of Treatment for Him, Taking Into Account Any Ethical Issues”.

..."Using the case study provided at the end of the module, identify and explain the client's issues and devise a course of treatment for him, taking into account any ethical issues”. In this essay I will be exploring the issues raised in the case study provided which is about a 45 year old man named 'Mr. X'. I shall be explaining the issues Mr. X has expressed as I have understood them. To be in a position to help Mr X I need to identify issues that arise from the initial interview and produce a course of treatment that I feel would enable Mr X to meet his identified goals. I will be taking in consideration any ethical issues that need to be accounted for. Mr. X is a 45 year old man who has worked at the same Estate Agency for 18 years. He has presented to me the issue that he would like to apply for the manager’s position at his branch but his lack of confidence is holding him back. Mr. X has stood in for the current manager on many occasions so he knows that he is capable of doing the job but has reservations as he doesn’t want to cause any upset amongst the other staff or management if he is not successful. Further discussion with Mr. X revealed that one of the reasons he would like the job as manager is so that his mother would be proud of him and show him a little more respect. She is currently living in a home and he visits her regularly every Friday night although he says she tends to pick on him. Mr. X isn’t clear how or why his mother picks on him, just that she...

Words: 2018 - Pages: 9

Free Essay

Kudler's Fine Foods

...Computer Systems Brief By Adam Copen July 2, 2012 ACC/542 Kudler’s Fine Foods is a place that sells wine, cheese, meats, seafood, produce and [in academic writing, if this is a series, place a comma before the final conjunction (and)] [Insert a comma before this word if this is the last in a list of more than two -- or if it begins a new clause] was a [Use "an"] European style bakery. Kudler’s Fine Foods has three locations in the San Diego, California [insert comma] area. Kudler’s Fine Foods was founded [The passive voice is a form of "be" (was) and a participle (founded). Over-use of the passive voice can make paragraphs officious and tedious to read. Prefer the active voice. For example, passive voice = The paper was completed on time. Active voice = the student completed the paper on time. See Center for Writing Excellence > Tutorials & Guides > Grammar & Writing Guides > Active & passive voice] by Kathy Kudler back in 1998. In this paper, four ideas will be addressed. The first on is to find out ["find out" is a "phrasal verb," two words that together mean something different from their individual meanings--looking up each word in the dictionary would not produce the meaning, which could cause misinterpretation in an international business communication. Use other words, like "discover" or simply "found"] what Kudler Fine Foods key business and accounting information needs are. The second is to analyze what strengths and weakness......

Words: 1861 - Pages: 8

Free Essay

Paper 1

...exempt. As far as his other assets his wife can apply for spousal refusal five years prior and can then transfer assets over to the son. ii. Describe an appropriate Medicaid plan under the POST-DRA 2005 rules. The Post- DRA 2005 rules indicate a look back of about 60-month look back date. In Marty’s case of being married he can still transfer assets over to his wife or son prior to the 60 months required to look back. (b) If Marty were UN-MARRIED at the time of application for Medicaid benefits: i. Describe an appropriate Medicaid plan under the PRE-DRA 2005 rules. In Marty’s case he could put his home in a life estate transferring over to his son fiveyears priors as well as all other assets to avoid penalties. ii. Describe an appropriate Medicaid plan under the POST-DRA 2005 IN Marty’s case he could still put his home in a life estate transferring over to his son, but due to the short window he may have to use the rule of halve and transfer half of his...

Words: 363 - Pages: 2

Free Essay

Just

...is in rem .Hence, the court is also called a probate court. But a probate court also includes a court that presides over probate proceedings which can generally refer to the settlement of the estate of a deceased person with or without a will .3. Reprobate: Reprobate is a special proceeding to establish the validity of a will proved in a foreign country .4. Legacy: A legacy is a bequest of personal property in a will to a person called the legatee .5. Devise: A devise is a bequest of real property in a will to a person called the devisee. 6. Testate Estate Testate estate refers to an estate of a deceased person which is settled or to be settled with the last will and testament of that deceased person called the testator. 7. Intestate Estate: Intestate estate refers to the estate of a deceased person without a will. The estate is settled by the laws of intestacy provided in the Civil Code .8. Executor: An executor is the person named in the will who is entrusted to implement its provisions. But the executor needs to be issued letters testamentary after the court determines his or her qualifications. A female executor is calledexecutrix.9. Administrator: An administrator is the person entrusted with the care, custody and management of the estate of a deceased person until the estate is partitioned and distributed to the heirs, legatees and devisees, if any. A female administrator I s called administratrix .9.1 The court issues letters of administration to a person......

Words: 330 - Pages: 2

Premium Essay

Technology: Its Pros and Cons

...Technology: its pros and cons. Thanks to technology, undoubtedly, we make better use of our time and manage all aspects of our lives too. Technology has been around since man discovered fire, then used tools and then made the wheel. Everything is invented, improved or discovered for our benefit. We all know technology surrounds us because it is crucial to mankind and we depend on its advancements to basically survive. In the internet-era we enjoy many things that we did not even fathom before and were mainly thought to be part of a science fiction book. Isn’t there more to it than meets the eye? Humans are creatures in need of face-to-face interaction with our own species and in need of close personal contact for warmth and bonding. We have yet to become conscious of how much of a significant impact technology has on this topic; its pros and cons. To begin with, we, humans, will never be able to keep up with the improvements of society without interacting with technology. All the advancements in communication systems we enjoy today are supposed to keep us better connected. Today’s generation has access to multiple gadgets and gizmos like cell phones, iPods, and computers. Moreover, these devices have programs themselves which further help us manage our social life. Through them we have access to Facebook, MySpace, Twitter and Tumblr, and we find that our friends are just one click away. We also make great use of Web cams, IM, e-mails and teleconferencing for work because......

Words: 705 - Pages: 3

Premium Essay

When We Believe, We Live

...When We Believe, We Live By: Rexanne Falalimpa Our today’s generation is the hope of our mankind for the future, but we admit that deep down in our hearts there is this doubt that is bothering us. Is the youth of today ready to face the future’s problems? Is the youth aware of the enigmas that they will solve? Are they responsive that thousands of newly birth children will lean and believe on them? Is this the time to live what we believe? Or the time to believe what we live? Juvenile crimes cases were widely discussed in present time. Teens were really open by means of smoking weeds and using illegal drugs. Early pregnancy or teenage pregnancy was also one of the problems of today’s generation. But what we are pointing now is, why do we need to see the mistakes of our youth? Why not try to believe and trust them that they will be the ones to change this world. We just have to consider them as our present heroes, our present plans for future, we just have to believe that they can and they will, because our children of today will be the leaders of our tomorrows. What we need is that we should believe in the things they can do, consider the plans they can think and trust the betterment they imply. First is that we should believe in the things they can do, so that they will be able to believe in themselves too, especially when they feel that it’s for the improvement of our country. Let’s believe that being a good adolescent is not bad. Let us consider the plans they think.......

Words: 487 - Pages: 2

Free Essay

Business

...Many girls want to learn martial arts. Agree or Disagree? Martial arts is currently the popular sport in the huge competition game, specially for men. But girls want to learn martial arts is the extraordinary issue in tradition. Nothing is defeated by the interesting, excitement that breaks the boundary of the discrimination in sports. There are many proofs supporting this hypothesis. Firstly, the women learning from martial arts can not only defend herself but also strengthen and enforce the health. Next. It creates the equity in sex between men and women. Nothing is impossible. For example, in the tremendous Olympic competition through many countries in ASEAN, winning the gold, silver metal in martial arts in specific make the pride in the competitors’ country, namely girls. Beside. It is crucial for women learned martial arts is able to defeat crime, rape, bringing the peacefull and safe to society, which men can be done. Nowadays, the vacancies in army, police are attractive for girls that never happen in the past, so this is too mysterious to understand. Last but not least, the ancestor believed that girls and women must take the responsibility to take care of children, do housework, cook in the kitchen. Yet, it is misleading. Time is passing, the wall of this boundary is nearly impaired, the distance among the discrimination in sex is also countinously minishing. For instance, the head, CEO in company belongs to women ordinarily. Significantly, the Prime Minister in......

Words: 277 - Pages: 2

Premium Essay

The Past Is Always Present

...The Past is Always Present One theme constantly confronts the reader of Sherwood Anderson's Winesburg, Ohio: The past will constantly impose itself on the present. Many of the grotesques in the novel, such as Wing Biddlebaum, are living in self-imposed isolation because of something tragic that had occurred. In Wing's case the tragic past is raised any time he realizes that his hands are out of control. Two characters whose past play a key role in their unhappy present lives are Wash Williams and Elizabeth Willard. To understand the grotesque nature of their present lives, the reader is exposed to their past experiences. For both Elizabeth Willard and Wash Williams the past has had a powerful effect on their present, and their future seems based on the message they feel compelled to deliver to George Willard. Elizabeth Willard, mother of Winesburg, Ohio's central character George Willard, had watched helplessly as all of her girlhood dreams of adventure and freedom had died away, leaving only her hope and determination that George succeed where she had failed and escape Winesburg. In her youth Elizabeth had been a free spirit dreaming of traveling the world as a stage actress, and in the process gaining a reputation in Winesburg for spending her evenings with the men of the theatrical companies who stayed at her father's hotel. However as time passed, so did the notion of acting and Elizabeth began her search for love and marriage which lead her......

Words: 1150 - Pages: 5

Free Essay

Breaking the Stereotype

...Breaking the Stereotype In his writing “The Joy of Reading and Writing: Superman and Me,” Sherman Alexie explains how he taught himself how to read through a Superman comic at the age of 3. He did this by imagining what the illustrations were portraying and then putting words to the pictures. He then became fascinated with reading at a young age and began reading anything and everything he could get his hands onto. He got his fascination of reading from his father who read a lot as well. Growing up Alexie was exposed to piles of books throughout his home. These included murder mysteries, gangster epics, basketball biographies and anything else he could find. In this writing about his childhood Alexie makes it very clear that as a minority he refused to fail and fall into the stereotype surrounding his Native American heritage. He knew he wanted to learn, and that he loved to read. According to the writing, most Indians in that time were expected to be short, quiet and uncommunicative in-front of their non-Indian teachers, and did not want to speak up or seem smart in the classroom, especially at the young age Alexie was. Therefore they were comfortable around other Indians but came off as completely un-intelligent around non-Indians. He always spoke out in class and asked questions, he was not afraid to stand out, because he knew it was not necessarily a bad thing. Alexie describes a smart Indian viewed as “a dangerous person, widely feared and ridiculed by Indians and......

Words: 785 - Pages: 4

Free Essay

Criminal

...Policing Development and Operation Trends 350 , administration The authors of this essay would like to also explore more on “Policing Development and Operation Trends” from an administration aspect of the “past, present and future”. These trends and their impact on how they affect the advancements in various policing organizations and their operation, things that are and will be affected are combining services, retirement qualifications will be amended, being able to effectively service the smaller communities and adjust hiring practices and training (Walker & Katz. 2008). Policing during the mid-Nineteenth Century had struggled to obtain command of its organization. First it was administration had to wrestle against politicians and all of their components for control. So many police in administrative positions were connected in some way or another; their campaigns were funded by politicians so they became their puppets and at th8er beck and call. Then as administration began to wrestle away for the choke hold that the politicians had on them by the mid-twentieth century they became victim to their own policies and methods one such method is the so-call rapid response number “911” from their service system. The next struggle that the administration is a work in evolution, Not that the administration of any police unit is a multifaceted task, one such task is to manage a department of personal of various and different nationality and these individuals work in......

Words: 403 - Pages: 2