For example, a dealer makes the following transfer: «To the beneficiary and his heirs, provided that it is used for educational purposes.» The grantor`s intention is clearly indicated when the succession is established. If the beneficiary ceases to use the land for school purposes, the grantor is entitled to immediate ownership. The beneficiary`s estate is limited to the period during which the land is used for educational purposes. A person`s estate includes all the assets that must go through the estate process before they can be transferred to their heirs. These typically include: An grantor may also transfer an estate that is subject to a changing interest. For example, the grantor could make the following transfer: «To the beneficiary and his heirs, but in the event that the beneficiary dies on his death without descendants, then to the assignee and his heirs. The beneficiary receives a simple royalty, which is subject to an execution limit that is in the interest of the purchaser. In land law, the term «succession» is a remnant of the English feudal system, which created a complex hierarchy of land domains and interests. Allodial interest or simple interest is the most complete property one can have in the common law system. An estate can be an estate for years, an estate at will, a life estate (expires on the death of the owner), a pure auter life estate (a lifetime interest in the life of another person) or an honorary estate (to the heirs of one`s own body) or a more limited type of inheritance (for example, to the male heirs of his own body). An estate is a legal term for an individual`s combined assets, assets, and finances. This allows the government to legally define your total assets.
The tenant for life can use the property in the same way as the owner of a simple amount, except that he must leave the property in a reasonably good condition for the person who will take possession of it. The tenant for life is required to maintain the property in good condition and must pay taxes and interest on any mortgage on the premises at the beginning of the estate. The tenant for life is entitled to the expenses and profits of the land, and any crop planted before the end of the estate can be harvested by the tenant`s personal representative. In addition, all furniture placed on the floor by the tenant can be removed. If the property is damaged, the tenant for life can receive compensation for the violation of his interests. Prior to 1285, the provision «to the beneficiary and heirs of his body» was interpreted by the courts as giving the beneficiary the power to transfer a simple royalty on the property if he had a child. An estate of this kind was called a simple condition because it was a simple royalty that depended on the birth of the beneficiary`s descendants. The beneficiary could thus terminate all the rights that the heirs of his body could have on the ground.
In addition, he was able to put an end to the possibility of revert that the dealer had in the country. There are three types of property: a simple fee, a fee stub, and an estate. An unlimited rental is terminated by one of the two people without notice and automatically ends with the death of a party or by the voluntary waste commission by the tenant. It is unsignable and is classified as the lowest type of movable interest on earth. Simultaneous successions are those that belong or belong to two or more people at the same time. The three most common types of competing estates are shared accommodation, whole-of-estate rental and joint tenancy. Discount from one year to the next The main distinguishing feature of an estate from one year to the next is that it is of indefinite duration. For example, for a two-year period, from January 1, 2003 to January 1, 2005, a landlord could lease Blackacre to a tenant for a period of $600 per month, payable in advance no later than the ninth day of each month. The tenant could have possession of it beyond January 1, 2005 and give the landlord $600 by January 9, 2005. If the landlord accepts the rent, the tenant has become a tenant year after year.
An estate of this type will continue indefinitely until one of the parties gives notice of termination. The terms of the original lease are implicitly transferred to the annual lease, with the exception of the term, which determines the duration of the lease. Simple fees Subject to a subsequent condition A simple fee that is subject to a subsequent condition is an estate that ends only after the exercise of the power of termination or the right of readmission due to the violation of a certain condition. It differs from an easily determinable fee in that it automatically expires by law with the occurrence of the specified event. A simple one-term royalty continues even after the occurrence of the event until the grantor disposes of the estate or terminates it by exercising its power of termination. Thus, «succession» actually has a fairly simple definition. However, when you start looking at the practical implications, it can get more complicated, especially when it comes to succession. This is because a person who dies is generally considered an «estate» and a «non-succession». In the United States, if the majority of an estate is given to a spouse or charity, inheritance tax is usually waived. Superimposed on legal heritage and land interests, the English courts have also created «just interests» over the same legal interests. These obligations are called trusts that are enforceable in court. A trustee is the person who holds legal title to the property, while the beneficiary is said to have a reasonable interest in the property.
For example, a person could purchase land for which the deed states that the grantor transfers ownership «to the beneficiary and his heirs», which would have the legal effect of creating a merely absolute royalty. The beneficiary has the right to immediate and exclusive ownership of the land, and can do whatever he wants with it, such as growing grain, removing trees, building, selling or disposing of it in his will. This type of succession is considered indefinite. After the death of the owner, if no provision has been made for its distribution, the land is automatically inherited from the heirs of the owner. A lifetime estate is usually created by deed, but can be created by lease. No precise wording is required, provided that the grantor`s intention to create such a succession is clear. The beneficiary of an estate is called a tenant for life. The value of a personal estate is of particular importance in two cases: when the person files for bankruptcy and when he or she dies. When an individual debtor files for bankruptcy, its estate is assessed to determine which of its debts can reasonably be expected of it. Bankruptcy proceedings involve the same rigorous legal assessment of an estate that occurs when a person dies.
PROPERTY. This word has several meanings: 1. In its broadest sense, it is used to refer to anything that can constitute wealth or wealth, and includes personal and immovable property; Therefore, we say personal real estate, real estate. 8 Ves. 504. 2. In its narrower sense, the word succession applies to land, so it is applied in two senses.