Can there be more than one remainderman?

A remainderman is a beneficiary in a life estate who will inherit property after the life tenant's death. There can be more than one remainderman if you divide the property.

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Deed Conveying Condominium Unit to Charity with Reservation of Life...

Bexar Texas Deed Conveying Condominium Unit to Charity with Reservation of Life Tenancy in Donor and Donor's Spouse

Name: Bexar Texas Deed Conveying Condominium Unit to Charity with Reservation of Life Tenancy in Donor and Donor's Spouse
Brand: US Legal Forms
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Real Estate - Deeds

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Multi-State

County:

Bexar

Control #:

US-0549BG

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FAQ

A remainderman is considered the beneficiary of a life estate and stands to inherit any remaining property after the life tenant's death.

The remainderman is the person who receives the real estate on the life estate deed. If the remainderman dies before the life estate holder, his interest in the property may pass to his heirs or any other remaindermen named on the life estate deed.

A remainder interest gives the holder the right to take ownership when the life estate has ended. The home will need to be appraised at the time of the gift to determine the value of both the life estate and the remainder interest. The IRS has published tables that are used to value the life interest in the property.

Thus, the charitable income tax deduction for such a remainder interest gift with a retained life estate in $100,000 of farmland is $65,553.

A remainder interest in property is the value or portion of the property inherited by an individual after the death of another heir. The remainder interest can be created by a will, a trust agreement, or a deed. In turn, a remainderman is a person who holds a remainder interest in property.

A life estate is property such as land or a residence that a person owns and can use for as long as they are alive. They often share ownership of that property with another person or persons, which means that when the owner dies the title of that property is automatically transferred to the other owner or owners.

A remainderman is a property law term that refers to a person who stands to inherit property at a future point in time upon the termination of a preceding estate?usually a life estate. A remainderman is a third person other than the estate's creator, initial holder, or either's heirs.

A remainderman is a beneficiary in a life estate who will inherit property after the life tenant's death. There can be more than one remainderman if you divide the property.

The life tenant is the person who has the life estate, or entitlement to the use of property during their lifetime. The second party is the remainderman, or person with a remainder interest who is entitled to full ownership upon the death of the life tenant.

A gift of a remainder interest in your residence or farm allows you to make a gift of your home or other appropriate property now, while you continue to live there for the remainder of your lifetime or as long as you wish. You continue to enjoy the full rights and responsibilities of ownership.

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Bexar Texas Deed Conveying Condominium Unit to Charity with Reservation of Life Tenancy in Donor and Donor's Spouse

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