HopefullyInLawSchool
16:03
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
Remainder (trust law)
Read a random definition: vigil
A quick definition of Remainder (trust law):
Remainder (trust law): In trust law, a remainder is what's left of the trust property after specific gifts have been given to the intended beneficiaries. It's like having a cake and giving slices to some people, but there's still some cake left over. That leftover cake is the remainder. In the same way, the remainder is what's left of the trust property that hasn't been given to anyone yet.
A more thorough explanation:
In trust law, a remainder interest refers to the portion of the trust property that remains after specific devises have been given to the intended beneficiaries.
For example, if a trust is created with the instruction that the income from the trust property should be given to a specific person for their lifetime, and then the remainder of the property should be given to a charity, the charity would have a remainder interest in the trust property.
Another example would be if a trust is created with the instruction that the income from the trust property should be given to a specific person for their lifetime, and then the remainder of the property should be given to their children. In this case, the children would have a remainder interest in the trust property.
These examples illustrate how a remainder interest works in trust law. It is the portion of the trust property that is left over after specific devises have been given to other beneficiaries.
remainder (property law) | remainder subject to a condition precedent