Remainderman
Encyclopedia
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
, 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’.
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 chatels 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".
Inheritance
Inheritance is the practice of passing on property, titles, debts, rights and obligations upon the death of an individual. It has long played an important role in human societies...
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
Life estate
A life estate is a concept used in common law and statutory law to designate the ownership of land for the duration of a person's life. In legal terms it is an estate in real property that ends at death when there is a "reversion" to the original owner...
, 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
Future interest
In property law and real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of the property. Future interests are created on the formation of a defeasible estate; that is, an estate with a condition or event...
, 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 synonymSynonym
Synonyms are different words with almost identical or similar meanings. Words that are synonyms are said to be synonymous, and the state of being a synonym is called synonymy. The word comes from Ancient Greek syn and onoma . The words car and automobile are synonyms...
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 chatels 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".