A remainderman is the person who is entitled to receive the property that is left in a trust after the death of the trust's primary beneficiary. The primary beneficiary is the person who is entitled to receive the income from the trust during their lifetime.
Are remainderman beneficiaries?
A remainderman beneficiary is someone who is named in a trust document as the person who will receive the trust assets after the death of the trust's initial beneficiary. The initial beneficiary is typically the trustmaker's spouse, and the remainderman beneficiary is typically the trustmaker's child or children.
What is the difference between a beneficiary and a Remainderman?
A beneficiary is someone who is entitled to receive benefits from a trust, will, or life insurance policy. A remainderman is someone who is entitled to receive the remaining assets of a trust or estate after the death of the last surviving beneficiary.
What interest does the remainderman have? If the remainderman is the beneficiary of a trust, they have an interest in the property held in the trust. The trustee is responsible for managing the trust property and distributing it to the beneficiaries according to the terms of the trust. The remainderman's interest in the trust property is the right to receive the property when the trust ends.
What does estate in remainder mean? The term "estate in remainder" refers to an interest in property that is held by someone other than the owner of the property. This type of interest is typically created when the owner of the property transfers ownership of the property to another person, but retains an interest in the property himself. The most common type of estate in remainder is a life estate, which is an interest in property that is held by someone other than the owner of the property for the duration of his life. Does a trust override a beneficiary on a bank account? No, a trust does not override a beneficiary on a bank account. The account owner can name any person or entity as the beneficiary of the account, regardless of whether or not they are also the beneficiary of a trust.