HOME

TheInfoList



OR:

A remainderman is a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner. Usually this occurs due to the death or termination of the former owner's
life estate In common law and statutory law, a life estate (or life tenancy) is the ownership of immovable property for the duration of a person's life. In legal terms, it is an estate in real property that ends at death when ownership of the property may ...
, but this can also occur due to a specific notation in a trust passing ownership from one person to another. For example, if the owner of property makes a grant of that property "to John for life, and then to Jane," Jane is entitled to a future interest, called a remainder, and is termed a remainderman. Another example is say Mary leaves her books to Mark her son, and if he doesn't want them he leaves them to his daughter Ruth, who also doesn't want them and leaves to Mary's brother Michael who is the remainderman. Under the required minimum distribution rules for retirement accounts, the remaindermen beneficiaries must be included in the list of beneficiaries provided to the IRA custodian or plan trustee, for purposes of the trust meeting the requirements to be considered ‘qualified’.


Synonyms

The
synonym A synonym is a word, morpheme, or phrase that means exactly or nearly the same as another word, morpheme, or phrase in a given language. For example, in the English language, the words ''begin'', ''start'', ''commence'', and ''initiate'' are all ...
s ''remainderer'', ''remainderperson'', and ''remainor'' may be found in legal dictionaries, but are rarely used in practice. A female person in the position of a remainderman is also termed a ''remainderman''. For instance in a will chattels are left to one person, who can then offer it to a second person, who can then offer it to a third person who can then it offer to the last person who is referred to as "the remainderman".


See also

*
Remainder (law) In property law of the United Kingdom and the United States and other common law countries, a remainder is a future interest given to a person (who is referred to as the transferee or remainderman) that is capable of becoming possessory upon the ...
* Future interest Real property law Inheritance {{Realestate-stub