Exam Pro Workbook on Estates and Future Interests, 3d
Author:
Coletta, Raymond R.
Edition:
3rd
Copyright Date:
2013
10 chapters
have results for workbook on estates and future interests
I. Introduction 39 results (showing 5 best matches)
- Please note, this Workbook is not intended to be an exhaustive treatise on estates and future interests. Leasehold estates are usually dealt with at length in other sections of the property course and they are not covered in any detail here. Many specialized applications and rules are not illustrated.
- . You must learn to provide a detailed analysis for each interest identified in your state of title. Each analysis should provide a thorough explanation of which estates and future interests arise and why. This workbook contains complete answers to all problems. As you progress through the book, your own analysis should begin to reflect the detail found in these answers. Determining the correct state of title necessitates an ability to fully explain the steps taken in characterizing each interest.
- This Workbook begins with an analysis of a grant of a fee simple estate and builds sequentially toward more complicated interests and conveyances.
- The first six chapters emphasize the recognition of the basic forms of estates and future interests. Each of these chapters begins with a brief discussion of the defining characteristics and special language associated with the respective estate or future interest and provides ten problems that illustrate how the estate or interest is expressed within the context of a given conveyance.
- Once you have translated the words of limitation, the next step is to analyze which estates and future interests are created by the conveyance. “SoT” (for “state of title”) is a list of present and future interests that the conveyance transfers to each party. In the above example, the current state of title is that Bert has a life estate followed by Kermit’s vested remainder in fee simple (a future interest which will become possessory immediately upon the expiration of Bert’s life estate). The completed conveyance box would appear as follows:
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II. Present Possessory Estates 231 results (showing 5 best matches)
- If the holder of a fee simple conveys a life estate, a future interest will always follow. Future interests that can follow a life estate are reversions, remainders, and executory interests. A is a future interest in the transferor which can become possessory upon the expiration of the life estate. A is a future interest in a third party which also can become possessory upon the expiration of the life estate. An
- The words of purchase “to Barney” denote Barney as the transferee of a future interest. The words of limitation “for life” identify the estate (that will exist when the future interest becomes possessory) as a life estate. Barney’s future interest is a remainder because (i) it is capable of becoming possessory immediately upon the expiration of the preceding estate and (ii) it cannot divest any other interests. It is vested because Barney is ascertainable at the time of the conveyance and there is no condition precedent to his receiving the estate.
- The words of purchase “to Kermit” denote the transferee of the future interest. Kermit will receive the estate upon the expiration of the preceding estate. The words of limitation “and his heirs” identify the estate (that will exist when the future interest becomes possessory) as a fee simple. As you will learn, the interest is a remainder because (i) it is capable of becoming possessory immediately upon the expiration of the preceding estate and (ii) it cannot divest any other interests. It is a vested remainder because, at the time of the conveyance, Kermit is ascertainable (you can point to him) and there are no conditions precedent to his gaining possession.
- The words of purchase “to Barney’s first born child” denote Barney’s firstborn as the transferee of a future interest. The words of limitation “for life” identify the estate (that will exist when the future interest becomes possessory) as a life estate. Barney’s firstborn’s future interest is a remainder because (i) it is capable of becoming possessory immediately upon the expiration of the preceding estate and (ii) it cannot divest any other interests. It is a contingent remainder because, at the time of the conveyance, the first born child of Barney is unascertainable (the child is not yet born).
- Note that while the interest that follows the life estate is called a future interest, the transferee of a future interest holds the interest now. Therefore, it is a present interest and only possession is delayed until the future.
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IV. Rules Furthering Marketability 472 results (showing 5 best matches)
- The words of purchase “to Sheldon” denote Sheldon as the transferee of a future interest. The words of limitation “for life” identify the estate (that will exist if the future interest becomes possessory) as a life estate. However, the interest is subject to the condition that Sheldon becomes a famous chef before gaining possession of the estate. The interest is an executory interest because it is a future interest which follows a vested fee simple. It is a springing interest because Sheldon, a transferee, will divest Leonard, the transferor, of the estate. If Sheldon becomes a famous chef, he will receive the estate and divest Leonard’s fee simple.
- The words of purchase “to my first relative to shoot an endangered bird” denote the transferee of an estate. The words of limitation “and his heirs” identify the estate as a fee simple. However, the conveyance states a condition which must occur prior to the relative gaining possession; therefore, the relative’s interest is a future interest. Because the future interest will divest the transferor of the estate, the interest is an executory interest. It is a springing executory interest because the relative’s interest will follow Jimbo’s, the transferor’s, interest. Jimbo’s first relative to shoot an endangered bird will get the estate.
- The words of purchase “to Kenny” denote Kenny as the transferee of a future interest. The words of limitation “and his heirs” identify the estate (that will exist if the future interest becomes possessory) as a fee simple. Since Kenny’s future interest follows a defeasible fee, it is an executory interest. It is a shifting interest because Kenny, a transferee, will follow Kyle, another transferee.
- The words of purchase “to Kenny” denote Kenny as the transferee of a future interest. The words of limitation “and his heirs” identify the estate (that will exist if the future interest becomes possessory) as a fee simple. Since a future interest in a third party follows a defeasible fee, Kenny’s future interest is an executory interest in fee simple. It is a shifting interest because Kenny, a transferee, could divest Cartman, another transferee, of the estate.
- The words of purchase “to Jubilee” denote Jubilee as the transferee of a future interest. The words of limitation “for life” identify the estate (that will exist if the future interest becomes possessory) as a life estate. The interest is a remainder because (i)it is capable of becoming possessory immediately upon the expiration of the preceding estate and (ii) it cannot divest any other interests. It is a contingent remainder because it is subject to the condition precedent that Jubilee become a lawyer. Note that this is not an alternative contingent remainder as both Jubilee’s and Cyclops’ interests may vest.
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III. Future Interests In Transferees 162 results (showing 5 best matches)
- The words of purchase “to City of Sacramento” denote the City as the transferee of the present possessory interest. The words of limitation “its successors and assigns” identify the estate as a fee simple (remember, entities do not have “heirs” rather, “successors and assigns”). However, the words “but if” create what appears to be a fee simple subject to a condition subsequent, which is a defeasible fee. The estate can be cut short on the occurrence of a specified condition. But since the City’s defeasible fee simple is followed by a future interest in a third party, the City has a fee simple subject to an executory limitation. The words of purchase “to George” denote George as the transferee of a future interest. The words of limitation “and his heirs” identify the future interest (that will exist when the future interest becomes possessory) as a fee simple. Since a future interest in a third party follows a defeasible fee, George’s future interest is an executory interest (because...
- The words of purchase “to George” denote George as the transferee of a future interest. The words of limitation “and his heirs” identify the estate (that will exist when the future interest becomes possessory) as a fee simple. Since George’s future interest follows a defeasible fee, it is an executory interest. It is a shifting interest because George, a transferee, will succeed Kramer, another transferee, if the forest is soiled.
- The words of purchase “to George” denote George as the transferee of a future interest. The words of limitation “and his heirs” identify the estate (that will exist when the future interest becomes possessory) as a fee simple. George’s future interest is not a remainder because it will not become possessory immediately upon the expiration of the preceding estate. Therefore, his future interest is an executory interest in fee simple. It is a springing interest because George, the transferee, will succeed Jerry, the transferor, one year after Kramer’s death.
- The words of purchase “to Dopey” denote Dopey as the transferee of a future interest. The words of limitation “and his heirs” identify the estate (that will exist when the future interest becomes possessory) as a fee simple. Dopey’s future interest is a remainder because (i) it is capable of becoming possessory immediately upon the expiration of the preceding estate and (ii) it cannot divest any other interests. It is vested because (i) Dopey is ascertainable at the time of the conveyance (you can point to him) and (ii) there is no condition precedent.
- The words of purchase “to Kramer” denote Kramer as the transferee of an interest. Kramer does not have present possession because the conveyance states a condition that must occur prior to Kramer gaining possession; therefore, Kramer’s interest is a future interest. The words of limitation “and his heirs” identify the estate (that will exist when the future interest becomes possessory) as a fee simple. Kramer’s future interest is not a remainder because a remainder can never follow a vested fee simple estate. It is a springing executory interest because Kramer, the transferee, will succeed Jerry, the transferor.
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V. Review Problems 260 results (showing 5 best matches)
- The words of purchase “to Zhao” denote Zhao as the transferee of a future interest. The words of limitation “and his heirs” identify the estate (that will exist when the future interest becomes possessory) as a fee simple. Since a future interest in a third partly follows a defeasible fee, Zhao’s future interest is an executory interest. It is a shifting interest because Zhao follows Huhai, another transferee.
- The words of purchase “to Idefix” denote Idefix as the transferee of a future interest. The words of limitation “and his heirs” identify the estate (that will exist if the future interest becomes possessory) as a fee simple. Since a future interest in a third party can divest the preceding estate, Idefix’s interest is an executory interest. It is a shifting interest because Idefix, a transferee, will divest Asterix, another transferee, of the estate.
- The words of purchase “to Caine” denote Caine as the transferee of a future interest. The words of limitation “and his heirs” identify the estate (that will exist if the future interest becomes possessory) as a fee simple. Since Caine’s estate follows a defeasible fee in fee simple, it is an executory interest. Caine will gain possession of the estate only if Oberon’s widow remarries. If she does not remarry, Caine’s interest cannot vest and will be destroyed when Oberon’s widow dies. It is a shifting interest because Caine, a transferee, will divest Oberon’s widow, another transferee, of the estate.
- The words of purchase “to Dick” denote Dick as the transferee of a future interest. The words of limitation “and heirs” identify the estate (that will exist when the future interest becomes possessory) as a fee simple. The interest is an executory interest because a remainder can never follow a vested fee. It is a shifting executory interest because Dick follows Walker, another transferee.
- The words of purchase “to my first relative to discover a new plant species” denote the transferee of the estate. The words of limitation “and his heirs” identify the estate as a fee simple. However, the conveyance states a condition which must occur prior to the relative gaining possession; therefore, the relative’s interest is a future interest. Because the future interest will divest the transferor of the estate, the interest is an executory interest. It is a springing executory interest because the relative, a transferee, will follow Ulf, the transferor.
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Glossary 49 results (showing 5 best matches)
- Executory Interest
- Future Interest
- – marketability refers to the ability of certain interests in land to be transferred on the open market. Estates that are fragmented between present and unascertainable future interest holders are difficult to sell or otherwise market.
- – a doctrine which restricts the present possessor of an estate from using, spoiling, or exploiting the land in a way that would injure the interests of the future interest holders. This doctrine balances the present possessor’s right to use against the future interest holder’s right to receive. The less certain a future interest is to become possessory, the greater the allowable present use. The doctrine of waste does not apply to the holder of a defeasible fee.
- – a doctrine that allows estates to merge, when successive vested estates are held by the same person. As one example, when the holder of a life estate (present possession) is also the holder of the following vested remainder (future interest), the interests merge and she holds a fee simple absolute. Application of the Rule in Shelley’s Case may trigger the Doctrine of Merger. See:
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Preface 2 results
- This book is designed to provide a structured approach to learning estates and future interests. It provides a detailed analysis of all major concepts as well as a vehicle for students to self-assess their understanding and progress. This third edition encompasses major changes in organization and content (including new graphics, charts and problems). Hopefully, it will provide an enhanced learning platform for students.
- As in the previous two editions, my work has been aided by many students and colleagues. I want to thank Louis Higgins and other members of West for their continuing support, my research assistants Daphne Chiu, Rebecca Kramer, Tony Schiavo, and Anastasya Uskov for their superb editing of this edition, and my colleague Cathleen Mulloy for her computer wizardry.
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Table of Contents 5 results
Copyright Page 1 result
- This publication was created to provide you with accurate and authoritative information concerning the sub-ject matter covered; however, this publication was not necessarily prepared by persons licensed to practice law in a particular jurisdiction. The publisher is not engaged in rendering legal or other professional advice and this publication is not a substitute for the advice of an attorney. If you require legal or other expert advice, you should seek the services of a competent attorney or other professional.
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- Publication Date: March 20th, 2013
- ISBN: 9780314286864
- Subject: Trusts and Estates
- Series: Exam Pro Series
- Type: Exam Prep
- Description: This title provides a basic introduction to estates and future interests law. Designed to offer solid knowledge of the area’s central concepts, it guides readers through a series of increasingly complex conveyances. The workbook begins with an analysis of the fee simple estate and builds sequentially toward more complicated interests and conveyances. The information proceeds from the simple to more complex, later problems building on the successful command of earlier material. Each problem is followed not only by that problem’s answer but also by a complete analysis of how the answer was derived. The workbook also contains an extensive glossary, summary charts, and a set of review problems that test the reader’s developing mastery of the material.
