Real Property: Future Interests: Vested vs. contingent remainders
- Difference between vested remainders and contingent remainders:
- Remainder – a future interest created in a grantee that is capable of becoming possessory upon the expiration of a prior possessory estate created in the same conveyance in which the remainder is created. (Sociable, patient and polite)
- Remainderman is sociable
- Always accompanies a preceding estate of known fixed duration such as a life estate or a term of years. {To A for life, then to B”}
- Remainderman is patient and polite
- Never follows a defeasible fee – it waits patiently for preceding estate to run its natural course
- If present estate is defeasible fee, the future interest is not a remainder. It is an executory interest if held by someone other than O, the grantor.