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The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
" A for life, then to B " B 's estate is a vested remainder since the remainder is given to an ascertained person (B) and there are no precedent conditions (such as "if B is not married"). " A for life, then to B if B reaches 21, and if B does not reach 21 then to C and C 's heirs" B 's and C 's estates are both contingent remainders.
In common law countries a remainderman is a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner. [1] Usually, this occurs due to the death or termination of the former owner's life estate, but this can also occur due to a specific notation in a trust passing ownership from one person to another.
California allows a person with a claim to assets in the estate of someone who has died to collect them without going through formal probate by using an affidavit for collection of personal ...
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In most states, the elective share is between one-third and one-half of all the property in the estate, although many states require the marriage to have lasted a certain number of years for the elective share to be claimed, or adjust the share based on the length of the marriage, and the presence of minor children. Some states also reduce the ...
If the retained interest is valued under Code section 7520, its value will be greater than zero, and the gift value is minimized. Code section 7520 values the remainder interest using the term of the trust, the life expectancy of the grantor and the 7520 rate in effect for the month of the transfer. The longer the term of the trust and the ...
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