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In property law of the United Kingdom and the United States and other common law countries, a remainder is a future interest given to a person (who is referred to as the transferee or remainderman) that is capable of becoming possessory upon the natural end of a prior estate created by the same instrument. [1]
In common law countries a remainderman is a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner. [1] Usually, this occurs due to the death or termination of the former owner's life estate, but this can also occur due to a specific notation in a trust passing ownership from one person to another.
A contingent beneficiary receives a benefit if one or more of the primary beneficiaries is unable to collect (perhaps because of death). In the event that a primary beneficiary is unable to ...
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
For instance, you can buy a house or set up a savings account without … Continue reading → The post Differences of Beneficiary Designations vs. Wills appeared first on SmartAsset Blog.
Dividing among remaining beneficiaries: A more common scenario is that the deceased beneficiary’s portion is divided among the surviving beneficiaries. For example, if you have three primary ...
A remainder is a future interest in a third party that vests upon the natural conclusion of the grant to the original grantee. It is the interest in the property that is "left over", or remains, after the original grantee is finished possessing it. For example, O's grant "to A for life, then to B" creates a remainder in B.
Beneficiaries of a trust have an interest in possession if they have the immediate and automatic right to receive the income arising from the trust property as it arises, or have the use and enjoyment of it, such as by living in a property owned by the trustees. Such a beneficiary is also known as an income beneficiary or life tenant.