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Details Title: future estates Description: all about future estates Total Flash Cards: 10 Created: 02/08/2007 11:59:19	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term inhertiable Definition following the holder's death, the interest can be transferred by operation of law to the holder's heirs Term assingable/alienable Definition the interest can be transferred to a third party while the holder is alive Term devisable Definition following the holder's death, the interest can be transferred by the holder's will Term words of purchase Definition that part of the granting clause that identifies the grantee Term words of limitation Definition that part of the granting clause that identifies the limits (if any) on the estate's duration Term issue or lineal descendants Definition a person's children, grandchildren, great-grandchildren Term heirs or heirs at law Definition those persons who take decedent's estate in the absence of a valid will heir's cannot be determined until the individual's death Term beneficiary, legatee, devisee Definition those who take a decedent's estate under a valid will benefeciaries cannot be determined until the individual's death Term expectancy Definition the possibility that a person will have a property right in the future Term present possessory estates Definition fee simple absolute fee tail life estate fee simple determinable fee simple on condition subsequent