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" 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.
However, the remainder interest granted to a third party (A to B for life, with a remainder interest in C), is called "remainder". A clear distinction should be made with an estate for (a) term of years, interpreted as lease or licence.
The Rule in Shelley’s Case provides that a conveyance which attempts to give a person a life estate, with a remainder to that person's heirs, will instead give both the life estate and the remainder to that person. Absent an intervening vested future interest, the life estate and the remainder will merge and the conveyance gives that person ...
Estate planning is complicated and there are many ways you can protect your assets after your death. One way is to establish a life estate for the person you want to live there for their lifetime.
An executory interest is a future interest, held by a third-party transferee (i.e. someone other than the grantor), which either cuts off another's interest or begins some time after the natural termination of a preceding estate. An executory interest vests upon any condition subsequent except the natural termination of the original grantee's ...
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.
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
A life interest [1] (or life rent in Scotland) is a form of right, usually under a trust, that lasts only for the lifetime of the person benefiting from that right. A person with a life interest is known as a life tenant. A life interest ends when the life tenant dies. An interest in possession trust is the most common example of a life ...
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