Quick Answer: Can You Transfer A Contingent Remainder?

Is a contingent remainder alienable?

This means that if the holder of a vested remainder in fee died before the life tenant, his interest passed to his heirs or devisees.

Contingent remainders were not alienable..

Are future interests transferable?

Because they convey ownership rights, future interests can usually be sold, gifted, willed, or otherwise disposed of by the beneficiary (but see Vesting below). Because the rights vest in the future, any such disposition will occur before the beneficiary actually takes possession of the property.

What does Remainderman mean?

A remainderman is a property law term that refers to the person who inherits or is entitled to inherit property upon the termination of the life estate of the former owner. … That person to whom ownership of the property is transferred is the remainderman.

Does a life estate override a will?

A: It’s not clear when the life estate was created (perhaps something to do with the living trust?), but in general a deed creating a life estate and remainder supersedes a will.

What is a vested remainder subject to divestment?

Vested remainder subject to divestment: remainder that is vested but can divest if a condition subsequent occurs. Ex.: “to A for life, then to B and her heirs, but if B drops out of college, then to C and her heirs.” B has a vested remainder subject to divestment in fee simple absolute.

What is a gift of future interest?

A gift is considered a future interest if the donee’s rights to the use, possession, and enjoyment of the property or income from the property will not begin until some future date. Future interests include reversions, remainders, and other similar interests or estates.

A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum that he has (such as the owner of a fee simple granting a life estate or a leasehold estate).

What is the difference between a vested remainder and a contingent remainder?

A vested remainder is held by a specific person without any conditions precedent; a contingent remainder is one for which the holder has not been identified, or for which a condition precedent must be satisfied.

What should you never put in your will?

What you should never put in your willProperty that can pass directly to beneficiaries outside of probate should not be included in a will.You should not give away any jointly owned property through a will because it typically passes directly to the co-owner when you die.Try to avoid conditional gifts in your will since the terms might not be enforced.More items…•

What is remainder interest?

A remainder interest gives the holder the right to take ownership when the life estate has ended. … The IRS has published tables that are used to value the life interest in the property. The difference between the appraised value and the life interest is the remainder interest.

Who holds the future interest known as a remainder?

remaindermanRemainder, in Anglo-American law, a future interest held by one person in the property of another, which, upon the happening of a certain event, will become his own. The holder of this interest is known in legal terms as a remainderman.

What is a remainder in land law?

A remainder interest happens when the owner of an asset transfers the legal title of the asset to another person AND retains, or grants to a third person, an interest in the asset for life or a specified length of time. The interest held by the person is called a remainder interest.

What is the difference between a life estate and a life estate pur autre vie?

While it is similar to a standard life estate pur sa vie (for his or her own life), it differs in that a person’s life interest will last for the life of another person, the cestui que vie, instead of his or her own.

What is the difference between a remainder and an executory interest?

A key difference between a remainder and an executory interest is that a remainder interest doesn’t take away the interests of a prior interest holder, while an executory interest can cut off the prior interest.

What is an alternative contingent remainder?

A pair of remainders that have opposite conditions precedent. wills. property & real estate law.

What happens to a life estate after the person dies?

A life estate deed is simply a way to own property. … In both life estate or enhanced-life-estate deed scenarios, once a life estate tenant passes away, the person listed as “remainder” (i.e. the beneficiary) gets title to the real estate described in the recorded deed.

Who pays taxes on a life estate?

For example, life tenants retain the Income Tax Deduction for Real Estate Taxes. As the owner of the property by virtue of the life estate, a life tenant may continue to deduct the real estate taxes he pays on his federal income tax return.

What is a remainder property?

A remainder is a future interest in land. It is the right to own and possess the land after the fixed interest of current holder expires. Thus, a remainder can follow a life estate or a term of years.