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Simple English definitions for legal terms
remainderer
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A quick definition of remainderer:
A remainderer, also known as a remainderman or remainderperson, is someone who is entitled to receive a remainder. This means that they will inherit or receive ownership of a property or asset after certain conditions or interests have expired or been fulfilled. An ulterior remainderman is a third party who will only receive their future interest in a property if all preceding interests have expired.
A more thorough explanation:
A remainderer is a person who holds or is entitled to receive a remainder. They are also known as a remainderman or remainor. This term is commonly used in the field of real estate law.
For example, if a person owns a piece of property and wants to leave it to their children after they pass away, they may set up a trust with the children as the remaindermen. This means that the children will inherit the property after the trust has fulfilled its purpose.
Another term related to remainderers is ulterior remainderman. This refers to a third party whose future interest in a property only vests if all the preceding reciprocal interests expire. For instance, if a person sets up a trust with their spouse as the first remainderman and their children as the ulterior remaindermen, the children will only inherit the property if the spouse passes away.
Overall, remainderers play an important role in estate planning and property ownership. They are the individuals who will ultimately receive the property or assets after certain conditions are met.