Remainder over Legal Definition

Balances are divided into two broad categories: contingent balances and earned balances. A conditional remainder can be created in two different ways. First, it may be a leftover from a person who was not identified at the time the interest arose. For example, Tom owns Blackacre in fee simple, which means he owns it without ownership restrictions. While Bob and Jane are alive, Tom transfers Blackacre to Bob for life, with a remnant to Jane`s heirs. Jane`s heirs are not yet known, so they have a conditional remainder. National Directory of Law Societies and Consumer Legal Resources In the United Kingdom, it is possible for a patent to create a hereditary title of nobility to allow the succession of a person other than a male heir or heir to the company under what is known as a “special residue”. Several examples can be cited: the Barony of Nelson (to an elder brother and his male heirs), the County of Roberts (to a daughter and her male heirs), the Barony of Amherst (to a nephew and his male heirs) and the Duchy of Dover (to a younger son and his male heirs while the eldest son was still alive). In many cases, the proposed peer had no sons or prospects of procreation at the time of the grant, and the special remainder was made to perpetuate the memory of his personal honor after his death and to exclude a rapid extinction otherwise certain of the title of nobility. In all cases, however, the course of filiation specified in the patent must be known at common law. For example, the Crown cannot set a “changing limit” in letters patent; In other words, the patent cannot transfer the title of nobility to one person and then, in the event of an event other than death (e.g. succession to a higher title), transfer the title to another person.

The doctrine was established in Buckhurst Peerage (1876) 2 App Case 1, in which the House of Lords struck down the patent separating the barony of Buckhurst from the county of De La Warr. The patent stipulated that if the holder of the barony inherited the county, he would be deprived of the barony, which would instead pass to the next successor, as if the private holder had died without issue. A balance is conditional if one or more of the following conditions apply: (1) it is given to an unidentified or unborn person, (2) it is made dependent on something other than the natural purpose of the previous estate. For example, if we assume that B is alive and that O transfers “A for life, then to B`s heirs…”, then the rest is conditional because B`s heirs cannot be identified until B`s death. No living person can have real heirs, only heirs apparent or presumed. We could also assume that B is not married, and O mediates “A for life, then B when B marries.” B`s interest is a conditional residue, since B`s interest depends on B`s marriage. [2] However, the Remainderman also has a property right in the property as long as the tenant lives. They have an interest in ensuring that the tenant does not damage the property, reduce its value, encumber it or attempt to sell it. The life tenant may sell the property with the consent and participation of the remaining tenant. Nevertheless, the rest may be entitled to a larger portion of the proceeds, depending on the age and life expectancy of the life tenant. A Remainderman cannot be removed from a life asset without its permission. This would require them to sign a new deed and transfer their interest in the succession of life.

REST, Domains. The rest of an estate in land or residential houses expected on a particular estate, with the same, at once. Co. Litt. 143 a. 2. The rest is either acquired or conditional. A balance acquired is a balance through which a current interest passes to the Party. although to be enjoyed in the future; and by which the succession is determined without exception in order to remain with a particular person after the particular succession has been issued. Empty 2 Jo ins. R.

288; 1 Yeates, r. 340. 3. A contingent balance is a contingent balance, limited to an event or condition that can never occur or be executed, or that occurs or can occur or be executed only after the aforementioned defined succession has been determined; In this case, such a residue can never become effective. 4. According to Dr. Fearne, conditional residues can be correctly distinguished into four types. 1. If the remainder depends entirely on a conditional determination of the previous succession itself. (2) Is the contingency in which the remainder is to take effect, regardless of the determination of the previous succession. 3. If the condition in which the remainder is limited is certain in the case, but the determination of the particular succession may be made before him.

4. If the person to whom the remainder is limited has not yet been identified or is not yet in existence. Fearne, 5.5. Substitutions for civil law students resembled conditioned leftovers in some respects. 1 Brown`s Civ. Law, 214, n.; Crest. 1623. Vide, general, Viner`s Ab. H.T.; Ferry. From. h.

t; Com. Dig. H.T.; 4 Kent, Com. 189; Yelv. 1, n.; Cruise, excavation. Tit. 16; 1 ves. Jr. 184; Bouv. Index inst., h.t. Real estate law allows a person who owns real estate to transfer all or part of his rights to the property to one or more other persons. Legal transfers of ownership become more complicated when the person who owns the property, the grantor, gives one person a current right (the right to own and use the property) to the property for life or for a specified period of time, and also gives a future interest (also known as a non-possessory right) in another person`s property.

The future interest is called the rest, and the holder of that interest is called the remainder. In Anglo-American law, a person`s future interest in the property of others, which becomes his or her own upon the occurrence of a particular event. The owner of this farm is legally known as Restmann. In an escrow account, a remainder receives the remaining investor in the trust. However, this transaction will only take place after all necessary payments, such as expenses, have been made. For example, one person, D, gives a property called Blackacre “to A for life, then to B and his heirs.” A receives a lifetime estate to Blackacre and B holds a remnant that can become possessive if the previous estate ends naturally (death of A). However, B cannot claim the property before A`s death. Life estates cannot be revoked unless the life tenant and the remaining tenant agree. The Remainderman may exercise its right to hold and use the assets of the Trust only after the Trust has been completely dissolved. For example, if the owner of the property bequeaths land to person A for life and then to person B after the death of person A, person B is the rightful owner of a future interest, i.e. the remainder n. the absolute right of retention of title ends after the extinction of an existing owner on land.

A “residue acquired” is created by deed or decree on the distribution of an estate granted in a will. Example: “Title of Hard Luck Ranch to my son Sean, subject to a lifetime bequest to my brother Douglas.” Sean has an “acquired residue” which is an absolute right, Sean could sell to another person at that time, with a delayed occupation until the title is transferred to him. Lifelong tenants can still damage the property, to the detriment of the rest. The restman receives a favorable tax base if he inherits the property. A residue acquired is a future interest in an identified person, the certainty or possibility of becoming a present interest being subject only to the extinguishment of previous property interests. When Tom owns Blackacre as a fiefdom simple and transfers Blackacre to Bob for life and Jane as a fiefdom simple, Jane has a documented remnant in Fairy, which becomes a present interest after Bob`s death. As a Remainderman, she simply has to wait for Bob`s death before taking an interest in Blackacre at this time. A life estate “with powers” gives the tenant the opportunity to sell, pledge or otherwise encumber the property. In an unauthorized life estate, the tenant needs the consent of the rest to encumber the property. Both are effective ways to bequeath assets without the costs of the estate. The #1 Spanish legal website for consumer living spaces is often used to take care of another person`s well-being without granting ownership of the property in question.