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Real Property • Present Possessory Estates
PROP#010
Legal Definition
The future interest accelerates and becomes immediately possessory.
Plain English Explanation
A life estate means "it's yours until you die." After you die, whoever has a future interest (the next person that gets to own it) in the land immediately gets it.
However, if a person with a life estate gives up their interest, it acts the same as if they had died (it goes to the next person in line).
However, if a person with a life estate gives up their interest, it acts the same as if they had died (it goes to the next person in line).
Hypothetical
Hypo 1: Oz conveys Junkacre "to Amy for Life." Amy says, "Junkacre is basically the worst piece of property I know of. I don't want it." Result: Amy received a life estate in Junkacre, but Amy renounced her interest, which means it goes back to Oz. Had Oz specified an additional party to receive it after Amy, then it would have gone to them.
Visual Aids
Related Concepts
How is a fee simple determinable created?
How is a fee simple subject to condition subsequent created?
In assessing a present possessory estate, what is affirmative waste?
In assessing a present possessory estate, what is ameliorative waste?
In assessing a present possessory estate, what is permissive waste?
What are the 3 types of waste a life estate holder may commit?
What are the present possessory estates?
What is a defeasible fee?
What is a fee simple absolute?
What is a fee simple subject to executory interest?
What is a fee tail, how is it created, and what is the result of its creation in most jurisdictions today?
What is a life estate?
What is a life estate pur autre vie and how is it created?
What rights and duties do the holder of a life estate have?
What will a court do if it is not clear whether someone intended to create a fee simple determinable or subject to condition subsequent?
