Tom is a widower. His only major asset is a farm valued at $350,000. He has on occasion leased all the land that produces corn and wheat. He has four children and wants to make sure each child shares equally in the farm.
law
Description
Haley
Fitzpatrick
Professor
Francis
Introduction
to law
April
19, 2020
Assignment 12.1
For each
of the following occurrences, identify the ownership interest of the parties or
their action in terms of its effect on the property (or both where appropriate).
1.
Tom
is a widower. His only major asset is a farm valued at $350,000. He has on
occasion leased all the land that produces corn and wheat. He has four children
and wants to make sure each child shares equally in the farm. He also wants to
be assured that he can live on the farm undisturbed for the rest of his life.
He executes a deed that states that his children will not receive title or
possession of the farm during his lifetime.
2.
Assume
that Tom from situation #1 has had a falling out with all of his children and
now wants to leave the farm to his friend, William. Tom wants William to have
the property, but only during William’s lifetime.
3.
Assume
from situation #1 that after Tom dies, William gets the idea that there is oil
in the farm. He hires a drilling company, and the company finds very little oil
but does manage to spill whatever oil it finds to the extent that the premises
cannot be used as a farm.
4.
Nancy
and Ron are married. Nancy executes a will that leaves her entire estate to a
local charity. After Nancy dies, Ron goes to Court to get a portion of the
estate.
5.
Assume
from situation #4 that Nancy is not married but has two children. She leaves
all her property to three of her best friends as joint tenants with right of
survivorship.
