Question

Sam dies and leaves a valid will. Sam leaves the family farm to his children after the death of his wife, Jane. Several years after Sam's death, Jane sells her interest to Larry. Which of the following statements is true?

A) Larry now owns the entire family farm
B) Jane's sale is invalid without Sam's children's consent
C) Larry only has a future interest in the farm
D) Sam's children lose their claim to the family farm

Answer 1

Larry only has a future interest in the family farm, because Jane held a life estate, and Sam's children held a remainder interest that becomes possessory after Jane's death.

Step-by-step explanation:

The question revolves around the principles of law, specifically property law, in the context of estate planning and inheritance rights. Sam's will provided that his children would inherit the family farm after the death of his wife, Jane. Jane's later sale of her interest in the farm does not transfer ownership to Larry but rather he would only have a future interest contingent upon Jane's death; meaning Larry cannot take possession until after Jane's death, assuming she only had a life estate that was to pass to Sam's children afterward. This typically means Jane held a life estate, and her children held a remainder interest in the property.

Therefore, the correct statement is: C) Larry only has a future interest in the farm. The sale by Jane does not invalidate the children's future interest, and they do not lose their claim to the family farm upon Jane's death.