Remainder

{
  "id": "MLC-T-LAW-004212",
  "term": "Remainder",
  "field": "Law",
  "definitions": [
    "A future interest in property that becomes possessory upon the natural termination of a preceding estate, such as a life estate. This interest is created in the same instrument and at the same time as the prior estate. It is a non-possessory interest until the prior estate ends.",
    "(property law) A future interest in real property created in a grantee that is capable of becoming a present possessory estate upon the natural termination of a prior estate created by the same instrument. This interest cannot cut short a preceding estate. For example, 'to A for life, then to B and her heirs' creates a remainder in B.",
    "(trust law) A beneficial interest in the principal or corpus of a trust that becomes effective after the termination of a preceding income interest. The remainder beneficiary receives the trust assets once the income beneficiary's interest ceases. This interest is typically created simultaneously with the income interest."
  ],
  "url": "https://mlchart.com/terminology/law/remainder/"
}