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A secondary beneficiary, also called a contingent beneficiary, is a person or entity entitled to get a distribution of assets from an estate or trust after the estate owner's death if the primary ...
Contingent beneficiaries: These are the backup beneficiaries. If the primary beneficiary is no longer alive or unable to receive the money, the contingent beneficiary steps in to receive the payout.
An indefeasibly vested remainder is certain to become possessory in the future, and cannot be divested. [4]For example A conveys to "B for life, then to C and C 's heirs." C has an indefeasibly vested remainder, certain to become possessory upon termination of B 's life estate (when B dies).
A contingent remainder is created when a remainder cannot fully vest at the time of granting. This normally occurs in two situations: This normally occurs in two situations: when the property can't vest because the beneficiary is unknown (for example, if the beneficiary is a class subject to open), or
[37] [38] If, for example, a grantor's will devised land "to my son, for life; then to his wife [or widow], for life; then to his children living at the time of her death", the children's contingent remainder (contingent on their status as "living" at the time of the widow's death) would be invalid, even if the grantor's son was an elderly and ...
A contingent beneficiary is someone who benefits from a contingent contract; they profit from a promise, which may or may be fulfilled, to do or abstain from doing a ...
[1] [2] [3] For example, if Bob is given use of the family house for as long as his mother lives, he has possession of the house pur autre vie. A life estate pur autre vie can be created when a contingent remainder is destroyed, in a Doctrine of Merger situation, where one person acquires the life estate of another and thereby destroys a ...
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.