Question

The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, as when an owner conveys a life estate to one party and the remainder to another, is called:

Answer 1

Answer:

The answer is remainder interest.

Explanation:

In law, the remainder is the interest that is transmitted to a person after an estate is ended. This occurs when the estate is expired or after the previous owner's death.

Two remainder interests exist: the vested remainer, in which the interest is transmitted to a specific person without prior conditions; and contingent, in which the future holder has not been indentified.