The fee simple estate is not subject to restrictions, entitling the owner(s) to all the rights and privileges associated with the property. Discuss all of the characteristics of a fee simple estate and their significance.

Question

What will be an ideal response?

Answer 1

? Fee simple = largest estate that can be held by a property owner.
? Subject to the government’s right of eminent domain, the estate may not be taken away from the owner or his or her heirs or assigns without consent. While this is total ownership, more than one person may hold a fee interest in the property. In cases such as this, the joint owners are tenants in common. Unless otherwise stated, all conveyances are presumed to create a fee simple estate.
? A fee simple estate is fully transferrable during the life of the owner.
? A fee simple estate may be transferred by will.
? A fee simple is subject to the claims of creditors. This rule applies both before and after the death of the fee simple owner.
? If the fee simple is not transferred by will, the fee simple will pass through intestacy to the owner’s heirs and is subject to the rights of a surviving spouse.