An indefeasible remainder refers to a legal term that describes a future interest in a property that is guaranteed and cannot be taken away. It is a type of ownership interest that is typically created through a trust or will. The holder of an indefeasible remainder has the right to possess and enjoy the property once certain conditions are met, such as the death of the current owner. This type of interest is considered to be secure and cannot be revoked or defeated by any future events or actions.
An indefeasible remainder refers to a future interest in property that is guaranteed and cannot be taken away or defeated by any future events or circumstances.
While both an indefeasible remainder and a vested remainder are future interests in property, an indefeasible remainder is guaranteed and cannot be defeated, whereas a vested remainder can be subject to certain conditions or contingencies.
Yes, an indefeasible remainder can be transferred or sold just like any other property interest, as long as there are no legal restrictions or limitations on such transfers.
If the holder of an indefeasible remainder dies before the property owner, the remainder interest will pass to the holder’s heirs or beneficiaries according to their estate plan or the laws of intestate succession.
No, an indefeasible remainder cannot be revoked or terminated unless there is a specific provision in the legal instrument creating the remainder interest that allows for such revocation or termination.
Yes, an indefeasible remainder can be subject to a mortgage or lien if the holder of the remainder interest voluntarily encumbers it or if a court orders the imposition of a lien for certain legal obligations.
Generally, an indefeasible remainder cannot be inherited by creditors unless the holder of the remainder interest has outstanding debts or obligations that need to be satisfied from their estate.
Yes, an indefeasible remainder can be created in personal property, such as artwork or vehicles, as long as the legal requirements for creating a remainder interest are met.
Yes, an indefeasible remainder can be created in a trust, where the remainder interest is held by a beneficiary after the termination of a specific trust period or upon the occurrence of a specified event.
If the property subject to an indefeasible remainder is destroyed, the remainder interest may be extinguished or converted into a right to receive compensation or insurance proceeds, depending on the specific circumstances and applicable laws.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 13th April 2024.
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