remainder Hear it!

remainder definition - legal

n

The part of a decedent’s estate that is not otherwise specifically bequeathed in a will; a future interest vested in a third person, and intended to occur after the termination of the preceding estate(s). For instance if a grant is made “to Bob for life, and then to Erica,” Erica’s interest upon the death of Bob is the remainder.
contingent (executory) remainder
A remainder given to a person only if certain conditions are met; one given to a person not yet born; or one left to a living person whose identity is yet to be determined.
vested remainder
One going to a person in existence and without preceding condition for immediate possession, but then passed along to another. In the preceding example, Erica has a vested remainder upon the death of Bob.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.