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Question
In 2008, Donald gives Tony a life estate in one of his houses, specifying that upon the end of the life estate, the property is to go to Tonys son, Mike. Tony dies in 2012. In this scenario, which of the following statements is true?
A. If Donald is still alive, he may revoke the transfer to Mike and keep the property.
B. Mike gets a reversion interest in 2012.
C. Mike gets a remainder interest in 2012.
D. In 2012, Mike and Donald become joint tenants until Donalds death when Mike becomes the sole owner.
E. The property is held in trust until Mike comes of age.
Answer
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