A remainder is presently existing estate in land where the actual use and possession of the land is postponed until the occurrence of an event which may or may not occur. Remainders are classified as either being vested or contingent. A vested remainder is an estate in land whereby the right to immediate use and possession of land depends only upon the termination of a preceding estate e.g. “A” deeds a parcel of land to “B” for life with remainder to “C” and his heirs. In this case, “C” is called the remainder man. A vested remainder is an inheritable estate. Therefore, upon the remainder’s death prior to the death of the life tenant, the remainder will pass to his heirs. It is also transferable either by sale or gift and it may be mortgage as security for a debt or other obligation.
A contingent remainder is an estate in land whereby the right to immediate use and possession of land depends not only upon the termination preceding estate but also upon the happening of some event which may or may not take place. ‘A’ deeds a parcel of land to ‘B’ for life with the remainder to ‘C’ and her heirs, if ‘C’ retains her maiden name. As general rule, contingent remainders are transferable either by will, intestate, succession, or by a conveyance during the remainder’s lifetime.
