The following question was asked by a reader of the blog:
What is the Effect of the following :
Future interests or estates in real property may be passed by will or descent in the same manner as present or possessory interests.
Thanks!
Response:
This statement is essentially saying that there will be no restraints on the alienation of the future interest if the owner of the interest attempts to pass that interest through his will, or if the owner of the future interest dies without a will, and the interest passes by the laws of intestacy (ie, descent and distribution).
So, for example. if A grants to B a life estate remainder to C, C's future interest becomes possessory upon the death of B. But if C dies before B, C can devise his remainder to D in his will. Assuming he does, and D is alive upon the death of B, then D's remainder (originally C's remainder) will become possessory, and D will hold that present possessory interest in fee simple.
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Wednesday, January 11, 2012
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Future interests or estates in actual property may be passed by will or descent in the same manner as present or possessory interests.
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