Wisconsin Statutes 700.04 – Classification of future interests
Current as of: 2023 | Check for updates
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Future interests are classified as:
Terms Used In Wisconsin Statutes 700.04
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Preceding: when used by way of reference to any statute section, means the section next preceding that in which the reference is made. See Wisconsin Statutes 990.01
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(1) A reversionary interest left in the transferor or the transferor’s successors in interest, either as a reversion, a possibility of reverter upon the simultaneous creation of a fee simple determinable, or a power of reacquisition; or
(2) An interest created in a person other than the transferor or the transferor’s successors in interest, called a remainder, to take effect at the termination of a preceding interest created at the same time or without the intervention of such a preceding interest.