Definitions for "Remainder interest"
Related Terms:
Life interest, Remainder, Life tenant, Vested remainder, Life estate, Remainderman, Reversionary interest, Remainder estate, Life beneficiary, Retained life estate, Probate estate, Bequest, Bequest, Heirs and assigns, Remainder beneficiary, Life estate agreement, Residuary estate, Escheat, Qtip, Succession, Heirs, Residuary, Qualified terminable interest property, Heir, Qtip trust, Revocable living trust, Qualified terminable interest property trust, Estate for life, Ab trust, Living trust, Estate of inheritance, Ancillary probate, Residuary beneficiary, Revocable trust, Ancillary administration, Testamentary gift, Reversion, Distributee, Testamentary, Irrevocable trust, Estate, Qprt, Bypass trust, Pour-over will, Testamentary trust, Ademption, Irrevocable living trust, Inter vivos, Inter vivos trust, Marital trust
the right to receive the remaining property when a trust terminates.
An interest that a third person has in a property after the death of a life tenant.
(also reserved life estate) A landowner may transfer a property to a land trust, but keep the right to live on the land until his or her death. This means that the landowner still has the primary claim to the land and the trust holds the remainder. Full ownership is not transferred to the trust until after the donor's death.
The right to receive whatever is left over of a life estate when the life tenant, the holder of the life estate interest, dies. This remainder interest automatically either reverts back to the original owner of the property, or passes to a beneficiary known as the remainderperson.
In a trust, the portion of the principal left after the income interest has been paid to the beneficiary(ies). A charitable remainder trust pays income to the benefactor or other individuals and then passes its remainder to charity.
The residual ownership of property left in trust after the interest of a previous owner or the life tenant has terminated
a future interest in property that comes into existence after a prior interest terminates
An interest in an estate that becomes fully effective only when the life interest ends. For example, children can be the remainder persons named in their father's estate, of which their mother has a life interest.
A future interest that comes into existence after the termination of a prior interest. For example, individual A creates a testamentary trust under a will in which the principal is to be retained with income paid to individual B until B's death, at which time the principal or remainder interest will be passed to individual C.
a "future interest" in property that is realized only after termination of a prior interest; for example, when an organization receives deed to a property subject to a "reserved life estate," the organization holds a remainder interest. Possession of the property will not occur until the end of a specified term of years or at the life tenant's death.
The interests or rights that follow the initial beneficiary's interests.
The right to receive property after all intervening income interests have expired.
An ownership interest in property that will become a present interest after the present owner or life tenant has received all the property benefits to which he is entitled.
If a donor conveys an asset to a charitable or governmental organization, but retains the right (for herself or some other person or persons) to live on or use the land for her lifetime or a stated number of years, the interest that is being conveyed is called the “remainder interest.” The interest being retained can be a “life interest” or a possessory interest for a term of years. (See also reserved life estate.)
The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.
A conveyance of fee title with life estate reserved.
That part of an estate that is left after all the other provisions of a will have been satisfied.