What is a remainderman in legal terms?
A remainderman is a property law term that refers to a person who stands to inherit property at a future point in time upon the termination of a preceding estate—usually a life estate. A remainderman is a third person other than the estate’s creator, initial holder, or either’s heirs.
Can the remainderman of a life estate mortgage the property?
Although a remainderman has certain rights that need to be protected, he does not have any responsibilities that are owed to the life tenant. Without the consent of the remainderman, the life tenant may not take out a new mortgage or otherwise encumber the property.
Can tenant evict remainderman?
Can a Remainderman be evicted? No. The remainderman cannot evict tenants if the life estate person dies. Unless the lease says otherwise, the remainderman has to honor the lease and is now “in the shoes” of the previous owner.
What is the difference between the life tenant and the remainderman?
Life Tenant – the beneficiary entitled to receive lifetime benefits from a Trust. Remainderman – the beneficiary who will receive trust assets after the Life Tenant has died. Right of Occupation – a right to live in a property for a specified time, or for the beneficiary’s lifetime, but usually subject to conditions.
What happens if remainderman dies before life tenant?
If the only remainderman on a life estate deed dies before the person with the life estate, the property interest remaining after the life estate passes to the remainderman’s legal heirs. If the remaindermen were joint tenants, the dead remainderman’s interest automatically belongs to the surviving remainderman.
Can a remainderman be changed?
The owner of the life estate can remove or change the remaindermen if he or she (grantor or life tenant) wants. For a better view and options, one should consult with an attorney.
What happens when remainderman dies?
How do you remove a remainderman from a life estate?
To dissolve a life estate, the life tenant can give their ownership interest to the remainderman. So, if a mother has a life estate and her son has the remainder, she can convey her interest to him, and he will then own the entire interest in the property.
What happens if a remainderman dies?