Search results
Results From The WOW.Com Content Network
The future interest of C is not certain, thus it is "defeasible". Additionally, the interest cannot become smaller by the addition of more remainder owners, thus it is not "open". The identifying component is the possibility of being divested by D who owns an executory interest from the remainder if C becomes a lawyer. [7]
An executory interest is a future interest, held by a third-party transferee (i.e. someone other than the grantor), which either cuts off another's interest or begins some time after the natural termination of a preceding estate. An executory interest vests upon any condition subsequent except the natural termination of the original grantee's ...
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).
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.
Such a life interest trust is the most common example of an interest in possession trust. In the United Kingdom, the 10-yearly inheritance tax charge may be payable on assets transferred into this type of trust on or after 22 March 2006. [2] In the example of a life interest trust, the interest in possession ends when the income beneficiary dies.
The person identified in such a clause is called the residuary taker, residuary beneficiary, residuary legatee, or residuary devisee. [2] Such a clause may state that, in the event that all other heirs predecease the testator , the estate would pass to a charity (that would, presumably, have remained in existence).
The examples and perspective in this USA-centric article may not represent a worldwide view of the subject. You may improve this USA-centric article, discuss the issue on the talk page, or create a new USA-centric article, as appropriate.
The remainder interest is vested because Beulah is mortal; her death is certain to happen. But, since Caleb and Dinah are already Adam's apparent heirs, their interest under the laws of descent is "worthier" than the interest they take under the instrument, and the deed is construed as if Adam had stopped with "to Beulah for life."