Term
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Definition
| following the holder's death, the interest can be transferred by operation of law to the holder's heirs |
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Term
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Definition
| the interest can be transferred to a third party while the holder is alive |
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Term
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Definition
| following the holder's death, the interest can be transferred by the holder's will |
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Term
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Definition
| that part of the granting clause that identifies the grantee |
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Term
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Definition
| that part of the granting clause that identifies the limits (if any) on the estate's duration |
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Term
| issue or lineal descendants |
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Definition
| a person's children, grandchildren, great-grandchildren |
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Term
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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 |
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Term
| beneficiary, legatee, devisee |
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Definition
those who take a decedent's estate under a valid will
benefeciaries cannot be determined until the individual's death |
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Term
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Definition
| the possibility that a person will have a property right in the future |
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Term
| present possessory estates |
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Definition
fee simple absolute
fee tail
life estate
fee simple determinable
fee simple on condition subsequent |
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