remainder interest

remainder interest
England, Wales
An interest in a trust (or under the terms of a will), where the beneficiary's possession and enjoyment of the trust assets is postponed by a prior interest in the same assets.
For example, Doreen dies and in her will leaves her husband, Alf, a life interest in Rose Cottage. The will provides that, on Alf's death, Rose Cottage is to pass to Doreen's son, Cedric, outright. Cedric has a remainder interest in Rose cottage - taking possession only when Alf dies.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • remainder — The remnant of an estate in land, depending upon a particular prior estate created at the same time and by the same instrument, and limited to arise immediately on the determination of that estate, and not in abridgement of it. A future interest… …   Black's law dictionary

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  • Interest in possession trust — An interest in possession trust is a form of legal arrangement which gives a person a present right to the present enjoyment of something [ Viscount Dilhorne in Pearson v IRC [1980] STC 318 at 323] . At least one of the beneficiaries of this type …   Wikipedia

  • remainder — n. & v. n. 1 a part remaining or left over. 2 remaining persons or things. 3 a number left after division or subtraction. 4 the copies of a book left unsold when demand has fallen. 5 Law an interest in an estate that becomes effective in… …   Useful english dictionary

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