Property - Estate/Interest/RAP Question

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spartjdawg
Posts: 54
Joined: Sun Oct 26, 2008 8:28 am

Property - Estate/Interest/RAP Question

Postby spartjdawg » Tue Dec 14, 2010 12:02 am

What of the first part of this grant?

Tim devises Blackacre "to Jessica and the children of B for life, then to my Grandchildren"

B is still alive and capable of having children.

Renzo
Posts: 4265
Joined: Tue Dec 02, 2008 3:23 am

Re: Property - Estate/Interest/RAP Question

Postby Renzo » Tue Dec 14, 2010 10:03 am

betasteve wrote:
spartjdawg wrote:What of the first part of this grant?

Tim devises Blackacre "to Jessica and the children of B for life, then to my Grandchildren"

B is still alive and capable of having children.

Ummm... the transfer happens and the children alive at the transfer are cotenants in a life estate with Jessica. This isn't a future interest, it's a present possessory estate.

What he says.

spartjdawg
Posts: 54
Joined: Sun Oct 26, 2008 8:28 am

Re: Property - Estate/Interest/RAP Question

Postby spartjdawg » Wed Dec 15, 2010 2:26 pm

I have spent a lot of time of this question and have come to the conclusion that Jessica and the kids hold a life estate subject to open. Since the life estate is subject to open, it is still subject to RAP. In as much, because B is alive at the time of the transfer, he is a validating life and we will know within 21 years of his death whether or not his children will be have vested interest in the life estate.

Additionally, Jessica and the Children of B each hold a future interest which is alternative contingent remainder in life estate, based on survivorship. Because they hold contingent remainders the grant is also subject to RAP, but obviously passes.

What are your thoughts on that?




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