identify the ownership interest of the parties or their action in terms of its effect on the property.

12.1 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). Tom is s widower. His only major asset is a farm Assume from situation . 1 that after fom dies. valued at 5350,000, He has on occasion leased William gets the idea that there Is cil In the all the land that produces corn and wheat, He farm. He hires a drilling company and the com: has four children and wants to make sure each pany finds very little oil but does manage to spill child shares equally in the farm. He also wants whatever oil it finds to the extent that the prem to be assured that he can live on the farm undis lises cannot be used as a lamm. turbed for the restof his life. He executes a Nancy and Ron are married. Nancy executes a deed that states that his children will not receive will that leaves her entire estate to a local char- title of possession of the farm during his lifetime. ity. After Nancy dies, Ron goes to Court to get a Assume that Tom from situadon #1 has had a portion of the estate. falling out with all of his children and now wants Assume from situation #4 that Nancy is not to leave the farm to his friend. William. Tom married but has two children. She leaves all her wants William to have the property, but only property to three of her best friends as joint ten- during William's lifetime. ants with right of survivorship