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Simple English definitions for legal terms
remainder estate
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A quick definition of remainder estate:
A remainder estate is when someone else gets the property after the person who has it now dies or their time with it ends. For example, if someone gives their house to their friend for their lifetime, and then to their friend's child, the child has a remainder estate. There are different types of remainder estates, like a vested remainder (when the person who will get the property is already known) or a contingent remainder (when it depends on something happening first).A more thorough explanation:
A remainder estate is a future interest in a third person who is intended to take after the natural termination of the preceding estate. For example, if a grant is “to A for life, and then to B,” B's future interest is a remainder. The remainder estate arises in someone other than the estate's creator, its initial holder, or the heirs of either.
There are different types of remainder estates, such as:
- Vested Remainder: A remainder that is given to an ascertained person and that is not subject to a condition precedent. For example, “to A for life, and then to B.”
- Contingent Remainder: A remainder that is either given to an unascertained person or made subject to a condition precedent. For example, “to A for life, and then, if B has married before A dies, to B.”
- Defeasible Remainder: A vested remainder that will be destroyed if a condition subsequent occurs. For example, “to A for life, and then to B, but if B ever sells liquor on the land, then to C.”
- Indefeasible Remainder: A vested remainder that is not subject to a condition subsequent. For example, “to A for life, and then to B absolutely.”
The examples illustrate how the remainder estate works in different situations. For instance, a vested remainder is given to a known person, and the interest is not subject to any conditions. On the other hand, a contingent remainder is given to an unknown person or made subject to a condition precedent. The remainder estate is an essential concept in property law, and it helps to determine who will inherit the property after the initial holder's death.