Life Estate Grant With Reversionary Interest
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FAQ
The Reversion Income (Reversion Value) is the value attributable to the property remaining at the time of the property's reversion ? this may be the end of the lease term, or perhaps the end of the property's Remaining Economic Life.
In trust law terms, a reversionary interest is an interest that reverts back to the settlor of a trust once a beneficiary's interest has come to an end. For example, Bob gives a life interest in Rose Cottage to his mother Judy, and on Judy's death the cottage is to revert back to Bob.
A reversion is that portion of a fee estate that continues in the grantor after the grantor has conveyed a life estate. For example, when A conveys a life estate to B, the portion of the fee estate remaining in A is a reversion. When B's life estate ends, the right to ownership and possession will revert to A.
What is an example of reversion? A common example of reversion is a leasehold estate, in which the lessee has the right to use and occupy the property for a specified period of time. When the lease term ends, the property reverts to the lessor.
A remainder interest is the right to use, possess, or enjoy property when the prior interest (term or life) ends. Mathematically, the value of a remainder interest is found by subtracting the present value of the prior interest from the entire fair market value of the property.