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Tim Smith
Professor Colman
Estate Planning
9/22/2010
Chapter 3 Learning Objectives 1. Real property is any subset of land that has been legally defined and the improvements to it made by human efforts. EX: Buildings, machines well, dams, ponds. Personal property is private property which is moveable, can be moved from one location to another. EX: livestock. The two types of personal property is tangible personal property and intangible personal property. Tangible property can be moved, intangible can’t be moved such as securities, and negotiable instruments. 2. Fee simple – Tenant decides discretion of property, very common, freely transferred.
Conditional fee simple – Lasts forever as long as the deeds grantor justifies it
Fee tail – upon the death of a tenant, it goes to their heirs
Life estate – lasts life of the grantee, also known as life tenant. If sold, it doesn’t change its duration.
Leasehold- lease were someone pays rent, typical in yearly increments.
Reversion – when a tenant cannot complete his or her lease or duration of stay
Remainder – tenant with a fee grants someone a life estate. 3. Situs is when a company is involved in legal obligations, and domicile refers to legal obligations and questions in which need to be answered in the jurisdiction on court. A person may only have one domicile. At birth, a person receives their domicile from their parents. 4. The different types of owning property are separate property (aloud to give away at death), joint tenancy (couple ownership), community property (married couples, 50% ownership), community property with right survivorship (if a spouse were to pass away, the other person would be entitled to the whole property), tenancy by the entirety (same as above but they don’t have to go through a probate), tenancy in common (division of ownership).
Chapter 4 Learning Objectives 1. Community property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico,
Professor Colman
Estate Planning
9/22/2010
Chapter 3 Learning Objectives 1. Real property is any subset of land that has been legally defined and the improvements to it made by human efforts. EX: Buildings, machines well, dams, ponds. Personal property is private property which is moveable, can be moved from one location to another. EX: livestock. The two types of personal property is tangible personal property and intangible personal property. Tangible property can be moved, intangible can’t be moved such as securities, and negotiable instruments. 2. Fee simple – Tenant decides discretion of property, very common, freely transferred.
Conditional fee simple – Lasts forever as long as the deeds grantor justifies it
Fee tail – upon the death of a tenant, it goes to their heirs
Life estate – lasts life of the grantee, also known as life tenant. If sold, it doesn’t change its duration.
Leasehold- lease were someone pays rent, typical in yearly increments.
Reversion – when a tenant cannot complete his or her lease or duration of stay
Remainder – tenant with a fee grants someone a life estate. 3. Situs is when a company is involved in legal obligations, and domicile refers to legal obligations and questions in which need to be answered in the jurisdiction on court. A person may only have one domicile. At birth, a person receives their domicile from their parents. 4. The different types of owning property are separate property (aloud to give away at death), joint tenancy (couple ownership), community property (married couples, 50% ownership), community property with right survivorship (if a spouse were to pass away, the other person would be entitled to the whole property), tenancy by the entirety (same as above but they don’t have to go through a probate), tenancy in common (division of ownership).
Chapter 4 Learning Objectives 1. Community property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico,