Tisha is a licensed real estate agent in Texas. She holds bachelor's in legal studies and a master's degree in criminal justice.
Briana has a house out in the country. It sits on several acres and has mature trees and plenty of room to raise a family. Right now, Briana lives in the city due to her career. The house is paid for and she would love to live in it, but it just isn't the right time for her to do so. Her grandmother is elderly and experiencing some health issues. She tells Briana that she wants to live in the house in the country because it is quiet and reminds her of her youth. It isn't likely that she will live much longer, and Briana wants to allow her grandmother to live in the house until she passes away. There is some conflict in Briana's family, and she doesn't want trouble from any of her relatives. Is there a way she can let her grandmother live in the house until her grandmother passes away, then be able to take possession of it immediately?
An estate in reversion is an interesting law in real estate. A 'reversion' is a future interest that an individual has in a piece of property even after he or she has conveyed that property, in a lesser estate, to another individual. Once the lesser estate has expired or ended, the property will return to the original individual. While the estate has been conveyed to someone else, the owner doesn't enjoy possession or use of the property. When the estate reverts back to the owner, they may enjoy possession once again if they so desire.
Judy has been hard at work with her attorney, drafting her last will and testament. She really wants her home and land to go to her grandson, Patrick. Right now, she has a disabled sister who lives with her. Judy doesn't want her sister to have to move out of the home if Judy passes away first. Instead, Judy would like for her sister to stay in the home until she either passes away or has to move into an assisted living facility. Her attorney explains that she can state in her will that Patrick will inherit the house, but that her sister can live in the home until she either passes away or has to move into a nursing home. Judy asks her attorney to draft her will this way, so she will know her sister is taken care of and Patrick will eventually inherit her property. This is one example of an estate in reversion.
Keedan owns a house that he lives in with his children. He is also a reservist in the Navy, and has just found out that he is being deployed to Iraq for a year. Instead of uprooting his children and making them live in another house with their mother, he would like to let his ex-wife move into his home to care for the children while he's gone. He sits down with his attorney to find out if this arrangement would be legal, or if his ex-wife could somehow take his home while he is deployed. His attorney suggests an estate in reversion, and then drafts a lease for the ex-wife to sign. It states that she can live in the house during Keedan's deployment to care for the children, but that she must move out on a specific date and return the home to Keedan. This is another example of an estate in reversion. It protects Keedan from possible problems from his ex-wife, but ensures that his children can live in their home while he is gone.
An estate in reversion is a unique type of estate. It allows one individual to hand over possession of his real property while he still owns it. In addition, it allows an individual to dictate who lives in his real property even after he is gone. This allows the unique situations that occur in life to be handled effectively. A grandmother can leave her home to her grandson while ensuring her sister still has a place to live, and a father can ensure his children aren't uprooted while he's deployed and feel safe knowing his ex-wife won't be able to take his home while he's gone.
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