Executory Devise: A Comprehensive Guide to Future Property Interests
Definition & meaning
An executory devise is a type of interest in real estate that is established by a will and takes effect in the future, contingent upon a specific event occurring. Unlike a reversion, which exists immediately but may be deferred, an executory devise relies on a future condition to become effective. If the conditions outlined in the will do not align with the rules governing contingent remainders, the interest is classified as a contingent remainder instead of an executory devise.
Table of content
Everything you need for legal paperwork
Access 85,000+ trusted legal forms and simple tools to fill, manage, and organize your documents.
Executory devises are commonly used in estate planning and real estate law. They allow testators to specify how their property should be distributed after certain conditions are met, such as the death of a beneficiary or the occurrence of a specific event. This term is relevant in civil law contexts, particularly in wills and trusts. Users can manage the creation of executory devises through legal forms, such as those offered by US Legal Forms, which provide templates drafted by attorneys.
Key Legal Elements
Real-World Examples
Here are a couple of examples of abatement:
(Hypothetical example) A testator bequeaths their property to their child, but only if the child graduates from college within a specified time frame. If the child graduates, the property transfers to them; if not, it may go to another beneficiary.
State-by-State Differences
State
Variation
California
Executory devises are recognized but must meet specific statutory requirements.
New York
Executory devises are valid and commonly used in estate planning.
Texas
Executory devises must adhere to strict guidelines to be enforceable.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with Related Terms
Term
Definition
Key Differences
Executory Devise
Future interest in property based on a condition.
Depends on a future event; does not exist until the condition is met.
Contingent Remainder
Interest that may become possessory upon a condition.
Exists at the time of the will; relies on conditions but is not contingent on future events.
Reversion
Interest that returns to the grantor after a particular event.
Has present existence; does not depend on a future condition.
Common Misunderstandings
What to Do If This Term Applies to You
If you are dealing with an executory devise, consider consulting a legal professional to ensure that your will is drafted correctly and meets all legal requirements. You can also explore US Legal Forms for ready-to-use templates that can simplify the process of creating a will with executory devises.
Quick Facts
Type: Future interest in property
Jurisdiction: Varies by state
Common Use: Estate planning
Legal Requirement: Must be clearly stated in a will
Key Takeaways
Find the legal form that fits your case
Browse our library of 85,000+ state-specific legal templates
This field is required
FAQs
An executory devise is a type of future interest in property created by a will that depends on a specific condition being met.
Executory devises depend on future events, while contingent remainders exist at the time of the will but may become possessory based on conditions.
Yes, if it is properly established in a will and meets legal requirements.
