Property Concepts

The Principles of Property

Ty Nordby

Ag Law 375, Assignment 3

February 27, 2018

The U.S. lLegal system relies on contains many numerous property concepts to used in define ing the transfer of property rights and the definition of property. By applying Using these concepts, landowners can usedecide their knowledge to make informed decisions???? make smart decisions when transferring property. This paper addresses life estates, estates in property, and trusts, and offers along with examples of from each property concept.

Life Estates

A life estate is the situation where occurs when a property owner grants the transfers of land real property rights to the life tenant. When the life tenant dies, the property will be passed down to the person

The life tenant cannot commit waste and is required to keep property in good condition while also paying fees of property. If property is not kept up and payments are not made, the life tenant can be evicted of the premises by the future interest for improper management or by the county for back taxes. The life tenant could pay the back taxes in the counties case but would have to go to legal proceedings to sort issues out. By whom? Rather than eviction, can the complaining party pursue a surcharge?

Cite references throughout the document.

When the property is transferred to the person of future interest, the ownership becomes a fee simple absolute again. A fee simple absolute is the highest form of ownership in a life estate. The future interest can own the rights of the property with no limits on inheritability and no conditions will jeopardize ownership of property.

This section is 85% of what it needs to be. Good. Refine. Cite references. Be certain the explanation is clear and complete.

Estates in

This allows a trustee to manage property for the benefit of the property owners. When a property owner wants to transfer property to another person for the benefit of that person but understands that individual may not be able to maintain and manage the current property.

Real Life Example of Life Estates

My great grandfather created made a life estate on his our property. The property was passed down to my grandma and then to my father. This made by great grandpa the grantor until his death which was then transferred to my great grandma. The property was then given to the next person of future interest, my grandma, she became the life tenant. When she died my dad became the life estate was terminated and my dad became the remainderperson and has fee simple absolute form of ownership.

Even though my dad has a fee simple absolute form of ownership, he is still subject to government taxes and could be forced to sell land if he chooses not to pay the ????. He may choose to install another life estate of the property to keep land in family or choose to sell since he has the fee simple absolute form of