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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in classic literature ?
I generally contrived to reserve a moiety of this bounteous repast for myself; but the remainder I was invariably obliged to part with.
"Let her stand half-an-hour longer on that stool, and let no one speak to her during the remainder of the day."
In this manner passed the remainder of the time, until Middleton, as has been related, led Inez forth from the tent, and gave a new direction to the thoughts of the whole party.
"How is this?" cried Middleton; "did you not say, Inez, that this excellent young woman was to accompany us, and to live with us for the remainder of her life; or, at least, until she found some more agreeable residence for herself?"
As soon as we had come to an understanding, and made choice of our professions, my father embraced us all, and in the short time he mentioned carried into effect all he had promised; and when he had given to each his share, which as well as I remember was three thousand ducats apiece in cash (for an uncle of ours bought the estate and paid for it down, not to let it go out of the family), we all three on the same day took leave of our good father; and at the same time, as it seemed to me inhuman to leave my father with such scanty means in his old age, I induced him to take two of my three thousand ducats, as the remainder would be enough to provide me with all a soldier needed.
I spent the remainder of my youth in traveling, in visiting courts and armies, in holding intercourse with men of different dispositions and ranks, in collecting varied experience, in proving myself in the different situations into which fortune threw me, and, above all, in making such reflection on the matter of my experience as to secure my improvement.
It will be titled, "How are life estates, remainders, and private annuities valued?" This question provides much more information to assist in more complex gift and tax analysis.
It's not that people do not know how to divide, it's the additional number skills required to complete the division that often causes the problem, such as remainders, fractions, decimals and units of measurement.
Arhangel'skii, Remainders in compactifications and generalized metrizability properties, Topology Appl.
Remainders, the UK's largest discount book retailer with an annual turnover of more than pounds 70 million and profits of more pounds 4 million, was sold for an undisclosed amount, it was revealed yesterday.
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.
Because he is a determined little bug, Joe tries to find a way to divide the members of the bug squadron into even rows with no remainders so that he can participate in the parade.