Life Estate Grant With Remainder
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FAQ
An estate in remainder is a type of future interest in property that goes to someone other than the person who created the estate or their heirs. It happens after the initial holder's estate ends. For example, if a grant is "to A for life, and then to B," B's future interest is a remainder.
An example of a life estate with Jane Smith as the remainderman is "to John Smith for life, then to Jane Smith." Jane Smith is the remainderman in this example because she is the person inheriting title to the property following the death of John Smith.
Almost all deeds creating a life estate will also name a remainderman?the person or persons who get the property when the life tenant dies. Life estates are often used to provide for another person's well-being, without granting ownership of the relevant property.
For the life estate interest, multiply the figure in the life estate column for the individual's age by the equity value of the property. 3. For the remainder interest, multiply the figure in the remainder interest column for the individual's age by the equity value of the property.
A remainderman is a third person other than the estate's creator, initial holder, or either's heirs. For example, if Blackacre is granted ?to Thelma for life, and then to Louise??Thelma has a life estate and Louise is a remainderman.