For each of the following occurrences, identify the ownership interest of the parties or their action in terms of its effect on the property (or both where appropriate).

1.Tom is a widower. His only major asset is a farm valued at $350,000. He has on occasion leased all the land that produces corn and wheat. He has four children and wants to make sure each child shares equally in the farm. He also wants to be assured that he can live on the farm undisturbed for the rest of his life. He executes a deed that states that his children will not receive title or possession of the farm during his lifetime.

2.Assume that Tom from situation #1 has had a falling out with all of his children and now wants to leave the farm to his friend, William. Tom wants William to have the property, but only during William's lifetime.

3.Assume from situation #1 that after Tom dies, William gets the idea that there is oil in the farm. He hires a drilling company, and the company finds very little oil but does manage to spill whatever oil it finds to the extent that the premises cannot be used as a farm.

4.Nancy and Ron are married. Nancy executes a will that leaves her entire estate to a local charity. After Nancy dies, Ron goes to Court to get a portion of the estate.

5.Assume from situation #4 that Nancy is not married but has two children. She leaves all her property to three of her best friends as joint tenants with right of survivorship.