A remainderman is a property law term that refers to the person who inherits or is entitled to inherit property upon the termination of the life estate of the former owner.

Who are the remaindermen in a life estate?

The people who stand to receive title to the property upon the passing of the life estate holder are called remaindermen, or, in the case of a single person, the remainderman. When two or more remaindermen own property in joint tenancy, it means each of the remaindermen has full title to the property.

Can a person remove their name from a life estate?

When a person with a life estate dies, removing his or her name from the life estate deed can be a complex and complicated procedure. Nevertheless, it is undeniable to have a clear title to the estate.

Who is the current owner of a life estate?

Grantor, or “current owner”: This is the property owner who initiates the creation of the deed and who must agree to the ultimate transfer of the property. Life Tenant, or “new owner:” Whoever owns the life estate is the “life tenant.” It may or may not be the same person as the grantor.

Can a life estate deed be changed or terminated?

Life estate deeds are similar, except the property is transferred all at once to the beneficiaries, and money is not usually exchanged. Even though the property is co-owned by the remainderman, he or she may live there, but may not sue to establish a right to do so.

The individual occupying and using the property is a life tenant. After the death of the occupant, the life estate terminates and transfers to another person, known as the remainderman. This form of property ownership guarantees that they cannot be forced to move from his or her home.

What happens to the property of a life estate?

Those with these life estates are life tenants. In general situations, these properties may be passed on to others, but the life tenant is able to live, eat, sleep and complete actions within the land or house even if the ownership will become someone else’s upon his or her death.

Can a life estate be granted for the life of a third party?

Most commonly, a life estate is granted for the life of the grantee. It is possible, however, for a life estate to be granted based on the life of a third party (known as a life estate pur autre vie). In either case, the grantee receives a possessory interest in the estate until the death of the measuring life.

What does a life estate mean in Texas?

The Basics of a Life Estate in Texas. A life estate is a present possessory estate that it limited in duration by a measuring life. Most commonly, a life estate is granted for the life of the grantee.