Remainderman Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Remainderman, written in plain English, along with examples of how it is used.
What is Remainderman?
(n) Remainder man is the person who is eligible to get the interest in a property or right after the conclusion of the existing terms. For example if the pension benefits are assigned to the spouse after death, the spouse is the remainderman
History and Meaning of Remainderman
Remainderman is a legal term that refers to a person who is entitled to receive an interest in a property or asset after a specific event or term has ended. This interest is usually created by a trust, will, or deed. The concept of remainderman dates back to English common law, where it was used to determine rights to real property.
In modern law, remainderman is commonly used in estate planning and probate law. It is often used to specify who will receive an asset, such as a financial account or real estate, after the death of the current owner or after a specific period of time has passed.
Examples of Remainderman
John creates a trust and designates his son as the beneficiary of the trust income for the duration of his life. After the son's death, the remainder interest in the trust would pass to John's granddaughter, who is the remainderman.
A couple creates a joint tenancy account with rights of survivorship, designating one of their children as the remainderman. If one of the spouses dies, the remaining spouse continues to have access to the account. After the remaining spouse's death, the account is passed on to the designated remainderman.
A homeowner transfers ownership of their home to a trust, designating their spouse as a life tenant with the right to live in the home for their lifetime. The trust document designates the couple's children as joint remaindermen with the right to inherit the home after both parents have passed away.
Legal Terms Similar to Remainderman
Life tenant: A person who has the legal right to use and enjoy a property for their lifetime.
Trustee: A person or entity that holds legal title to a property or asset for the benefit of another person or entity.
Beneficiary: A person or entity that receives a benefit or interest in a property or asset, often through a trust or will.