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At death, assuming no mis-dealings to certain innocent purchasers, the property involved in a life estate falls into the ownership of the remainderman (pl. remaindermen) or reverts to its grantor (all of which confusingly can be called 'reversions' and 'reversioners'). There is a small market for reversions in real estate, which necessitates a ...
The remainderman in the life estate is whoever inherits the life estate after the life tenant has died. The end of the life of the life estate is when the life tenant dies. The purpose of a life ...
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).
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.
Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes. Parents commonly use them to bequeath ...
A conventional life estate grants possession and limited ownership of an asset to someone for as long as they live. It can be created using a deed, specified in a will or included as part of a trust.
A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum than he has (such as the owner of a fee simple granting a life estate or a leasehold estate).
If the owner of a policy dies before the insured, ownership typically passes to a successor named in the policy or through estate processes. Life insurance is all about securing your loved ones ...