18:25
Peep da profile
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
remainderman
Read a random definition: business method
A quick definition of remainderman:
A remainderman is someone who will inherit property in the future after someone else has used it for a certain amount of time. This person is usually not the original owner or their family. For example, if someone gives their house to their friend to live in for their lifetime, and then the house goes to their niece, the niece is the remainderman.
A more thorough explanation:
Remainderman
A remainderman is a person who will inherit property in the future after a preceding estate, usually a life estate, has ended. The remainderman is a third party who is not the creator of the estate, the initial holder, or their heirs. For example, if a property is granted "to John for life, and then to Jane," John has a life estate, and Jane is the remainderman.
Example 1: John owns a house and grants a life estate to his sister, Mary. After Mary passes away, the house will go to John's son, Tom. In this case, Tom is the remainderman.
Example 2: Sarah owns a piece of land and grants a life estate to her husband, David. After David passes away, the land will go to Sarah's daughter, Emily. In this case, Emily is the remainderman.
Both examples illustrate the definition of a remainderman. In each case, there is a preceding estate (Mary's life estate and David's life estate), and after that estate ends, the property will go to a third party (Tom and Emily) who is not the creator of the estate, the initial holder, or their heirs.