BUT, unlike above hypo, class does NOT close immediately (rather, … class closes upon death, which is first point of distribution)… A’s thus, B, C and D all have entitling each to 1/3rd of VRSPD, FSA … (although, D arguably has since prior estate does NOT naturally EI, B’s/C’s expire) Before A had children, O had AND children (who did reversion, A’s NOT exist) had CR… BUT, upon A having children, became a FPI … A’s children’s and O no longer had VRSPD, reversion at death, B has one child to A for life, then to “O B’s children”… O’s (C)… after death, B has another child (D) A’s As per class closes upon death (which is rule of convenience, first point A’s of distribution)… thus, C has (since B could still have children before VRSPD … A’s death)… BUT, b/c B does NOT have more children before death, VR … A’s C’s does NOT divest, and C entitled to entire (D gets nothing) FSA to A for life, then to B, but if B dies without surviving children, then to “O C” B (possessory is VRSCD size FSSEI) C EI to A for life, then to such persons as A appoints, and in default of “O appointment, to B” A AND power of appointment life estate A has and thus can appoint anyone general power of appointment, (permissible appointees unlimited), including self… whereas, if A had (i.e. special power of appointment to such … “… then limited of A’s children as A appoints”), permissible appointees (control upon discretion) A’s B OR VRSCD VRSPD Default of is NOT (so, power of appointment condition precedent NOT rather, exercise of is CR)… power of appointment condition (so, subsequent VR)… AND, since A could realistically appoint B, unclear whether B … could entire w/ all, part, OR none of FSA
… BUT, unlike above hypo, class does NOT close immediately (rather, class closes upon A’s death, which is first point of distribution)… … thus, B, C and D all have VRSPD, entitling each to 1/3rd of FSA (although, D arguably has EI, since B’s/C’s prior estate does NOT naturally expire) Before A had children, O had reversion, AND A’s children (who did NOT exist) had CR… … BUT, upon A having children, A’s children’s FPI became a VRSPD, and O no longer had reversion “O to A for life, then to B’s children”… at O’s death, B has one child (C)… after A’s death, B has another child (D) As per rule of convenience, class closes upon A’s death (which is first point of distribution)… … thus, C has VRSPD (since B could still have children before A’s death)… … BUT, b/c B does NOT have more children before A’s death, C’s VR does NOT divest, and C entitled to entire FSA (D gets nothing) “O to A for life, then to B, but if B dies without surviving children, then to C” B VRSCD (possessory size is FSSEI) C EI “O to A for life, then to such persons as A appoints, and in default of appointment, to B” A life estate AND power of appointment A has general power of appointment, and thus can appoint anyone (permissible appointees unlimited), including self… … whereas, if A had special power of appointment (i.e. “… to such of A’s children as A appoints”), then permissible appointees limited (control upon A’s discretion) B VRSCD OR VRSPD Default of power of appointment is NOT condition precedent (so, NOT CR)… rather, exercise of power of appointment is condition subsequent (so, VR)… … AND, since A could realistically appoint B, unclear whether B could entire w/ all, part, OR none of FSA
Property-2_Coskran-Spring-2009.docx