A remainor is an individual who possesses or is eligible to receive a remainder, which is a future stake in a property. They are also referred to as remaindermen or remainderers. An ulterior remainderman is a third party whose future stake in a property only becomes effective if all prior stakes expire.
A remainor, also known as a remainderman or remainderer, is a person who holds or is entitled to receive a remainder. In the case of leaving property to a son for his lifetime and then to a granddaughter, the son is the life tenant and the granddaughter is the remainor. The granddaughter will only receive the property after the son’s death. Similarly, if property is left to a charity for a certain period of time and then to a nephew, the charity is the life tenant and the nephew is the remainor. The nephew will only receive the property after the charity’s period of ownership ends. The term “remainor” is commonly used in legal documents and discussions concerning property ownership and inheritance.
A remainor refers to a person who inherits or receives property or assets after the death of the original owner or grantor.
A beneficiary is someone who is designated to receive assets or property from a trust or will, while a remainor typically refers to someone who receives property or assets after the death of the original owner without a specific designation.
Yes, the original owner or grantor of the property or assets can modify their will or trust to change or remove a remainor.
If a remainor dies before the original owner, their share of the property or assets will typically pass to their own heirs or beneficiaries according to their own will or the laws of intestacy.
Yes, a remainor has the right to refuse or disclaim their inheritance. This is known as a renunciation, and the property or assets will then pass to the next eligible person in line.
Yes, depending on the jurisdiction and the value of the property or assets received, there may be tax implications such as inheritance tax or estate tax that the remainor needs to consider.
Yes, a remainor generally has the right to sell or transfer their inherited property or assets, subject to any restrictions or conditions specified in the will or trust.
Yes, a remainor may have the legal standing to challenge the validity of a will or trust if they believe there was undue influence, fraud, or lack of capacity when the document was created.
In general, a remainor is not personally liable for the debts or obligations of the original owner. However, the property or assets they inherit may be subject to any outstanding debts or claims against the estate.
In certain circumstances, such as if a remainor is found to have engaged in misconduct or breach of fiduciary duty, a court may remove or replace them as a remainor. This typically requires a formal legal process and a valid reason for the court to intervene.
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: 17th April 2024.
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