Form of Real Property Ownership
Fee Simple
It is important to understand the legal definition of an estate, for there are
many characteristics that comprise one's effectiveness. First, there are
stipulations on how land can be passed on. Also both an executor and an
administrator share the common responsibility of presiding over a will, the two
are also different. Based on when the will is written and its actual content, a
court can make a number of different rulings.
The fee simple estate is the greatest possible sum of rights and interests one
may gain from land ownership. The intentions of the deceased play a large role,
as its interpretation affect the will's outcome. There are two types of fee
simple estates. Besides the fee simple absolute and the fee simple defeasable
being different, defeasible fee simple estates can be broken down even further.
The views courts have on the fee simple estate today are quite different from
those of the past.
Life Estate
