Life Estates and Ownership Types

These flashcards cover essential terms related to life estates and various types of property ownership, aiding in understanding key legal concepts.

Life Estate

Owner holds title only for his life or the life of another.

Remainderman

The person who gets ownership after the death of the life estate owner.

Conventional Life Estate

Created by the will of the owner.

Legal Life Estate

Includes dower, curtesy, or homestead.

Dower

The interest a widow holds in her deceased husband's estate.

Curtesy

The widower's interest in the estate of his deceased wife.

Homestead

Exemption of the family's primary residence from forced sale for the satisfaction of personal debts.

Ownership in Severalty

A person owning property by himself.

Co-Ownership

Ownership by two or more people.

Tenancy in Common

The simplest form of co-ownership; each owner holds title to a specific undivided share of the property.

Joint Tenancy

Owners must have PITT (Possession, Interest, Time, & Title) and have the right of survivorship.

Tenancy by the Entirety

A form of husband-and-wife ownership in which the husband and wife are seen as a single person or legal entity.

Community Property

A form of husband-and-wife ownership where each person is considered an equal partner and has a half interest.

Separate Property

Any property acquired outside the marriage.

Partition Suit

Legal action to divide joint tenancies or tenancies in common.

Co-Operatives

A form of co-ownership in which the members own stock instead of real property.