Trust Interests and Distributions Flashcards
1
Q
What is a life estate?
A
Life estate lasts for the duration of the grantee’s life
2
Q
What is a remainder?
A
Remainder is a future interest created in a thrid person that is intended to take effect after the natural termination of hte preceding estate
3
Q
What is a vested remainder
A
Vested remainder requires its takers to be ascertained or be ascertainable at the time that the remainder is created and that there can be no conditions precedent to taking
4
Q
Is vested remainder alienable?
A
Yes, vested remainder is transferable, descendible and devisable
