Legal Will: Terms to Know

Answer 1

When creating a legal will, there are terms every lawyer or ordinary person should know. This article will discuss some of the key legal terms to keep in mind when drafting a will.

There are four types of possessory estates that legal wills usually deal with. These are the fee simple, fee tail, life estate, and term of years. After understanding the basic concepts of these types of estates, it is important to understand the limitations that can be added to these types of possessory estates.

The only type of possessory estate without any limitations at all is a fee simple absolute. A fee simple is defined as a type of possessory estate with no inherent ending and it is the largest type of possessory estate. Example of language defining a fee simple is C to D and (his or her) heirs.

When a possessory estate such as a fee simple has an added limitation, it becomes a defeasible estate. When the occurrence of a particular event happens, then a fee simple has been effectively de-feased. There are two kinds of limitations that can help accomplish a grantor’s goal in setting forth an inheritance on the occurrence of a particular event. These two kinds of limitations are a determinable limitation and a limitation which makes the estate subject to a condition subsequent.

To discuss, a determinable estate ends automatically upon the happening of a limiting event. The grantor of an estate does not have to do anything to put a determinable estate into effect. An estate that is subject to a condition subsequent greatly differs from a determinable estate, because it depends on the happening of a certain event and does not end automatically. A grantor always has to take some action in order to reclaim property with an estate that is subject to a condition subsequent.

There are certain phrases associates with determinable estates and estates subject to a condition subsequent. For a determinable estate, these phrases are until, so long as, while, and during. For an estate subject to a condition subsequent, these phrases are but if, provided that, on condition that, and however.

Overall, it is very important to know the different added limitations that can be added to a possessory estate. It is also important to know the phrases that can make an estate determinable or subject to a condition subsequent. With this knowledge, one can write effective wills.