remainder

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remainder

An estate in property that takes effect at the termination of a life estate.One may transfer property to another for their lifetime or for the lifetime of a third party.The named person who defines the duration of the life estate is called the measuring life.The person who has the life estate is called the life tenant.When the measuring life ends,even if the life tenant is still alive,the person who owns the remainder is entitled to the full possession and enjoyment of the property.The interests may be contingent remainders, vested remainders, or vested remainders subject to divestiture. The rules of construction are complicated.

Example: A clause in a will leaving property to an only child for life, and then the remainder to grandchildren alive at the time of the child's death, creates a contingent remainder in the grandchildren until they are born, and then vested remainders as they are born, but subject to divestiture if they die before their parent, the testator's child. One should seek legal counsel well versed in specialty real estate law if setting up or interpreting life estates and remainders.

References in classic literature ?
Here the little man ceased, and here the company commenced a raising of voices, and thumping of tables, which lasted with little intermission during the remainder of the evening.
Also, for charitable remainders of personal residences or farms, trusts cannot be used.
Above, HRH The Duke of Kent presents Mike Crossley of Remainders with a plaque for the overall Birmingham Post Business Award for 2000/2001; left, Chris Maddox, Julian Tucki, Mike Crossley, Jane Crossley, John James, all of Remainders Limited
Historically, black booksellers were often not in a position to take advantage of this market because they could not buy in the huge quantities needed to buy remainders directly from publishers and remainder dealers carried few black interest titles.
We get about 20 requests a week for remainders and now we have a place where they can get them,'' Snyder said.
NYSE: PBI) announced today that the East Coast concert tour of the bestselling author rock group Rock Bottom Remainders will be backed by the company's brand.
2503-3(a) defines a future interest in property to include "reversions, remainders, and other interests or estates, whether vested or contingent .
27 /PRNewswire/ -- Best selling authors, including Scott Turow, Amy Tan and Dave Barry, plus "Simpsons" creator Matt Groening -- AKA the Rock Bottom Remainders -- kick off their first West Coast "Fire In The Belly" ( fireinthebelly.
Best-selling authors Dave Barry, Amy Tan and Scott Turow will be joined by Matt Groening, creator of the "Simpsons" television cartoon series, and Roger McGuinn, former member and founder of The Byrds, for a special concert appearance as The Rock Bottom Remainders.
2013-5(a) includes as property annuities, life estates, estates for terms of years, vested or contingent remainders and other future interests.
7520 that provide guidance and tables for valuing term interests and remainders in property.