(whomever that may be) will later seek to avoid the
"A," an unremarried widower, grantor to "A," for a life estate, without any liability for waste, with full power and authority in said life tenant to sell, convey, mortgage, lease or otherwise dispose of the property described herein, in fee simple, with or without consideration, without joinder of the remainderman
, and with full power and authority to retain any and all proceeds generated thereby, and upon the death of the life tenant, the remainder, if any, to "B," a single person, as grantee.
L is the life income beneficiary, and R is the remainderman
. L and R are not related.
No deed between spouses or former spouses or co-owners who singly or jointly hold an estate of homestead under sections one or 2A, nor any deed between a trustee and trust beneficiary or between a life tenant and remainderman
shall be deemed to terminate said homestead unless each co-owner, spouse, former spouse or trust beneficiary entitled to the benefit of the homestead, has executed an express release thereof pursuant to clause (b).
Perhaps it is fair to say that courts and commentators expect a future interest holder--whether it is a reversioner or remainderman
, a landlord or a mortgagee--to behave fairly when circumstances have changed dramatically either because of some external social, economic or environmental development or because of a potentially foreseeable but nevertheless fortuitous event.
Third, is the beneficiary also the reversioner or remainderman
? That is, at the expiration of the trust, does the corpus go to the population, now presumed to be so constituted as to be able to govern itself, or does it go to a sovereign (such as a hereditary monarch) imagined as legally continuous with the abdicating sovereign?
and he had a right to call in the aid of the reversioner or remainderman
, when the inheritance was demanded.
One potential solution is to take advantage of time-discounted estate planning techniques, which can ultimately mature with the ILIT as the remainderman
. The techniques include grantor retained annuity trusts (GRAT), charitable lead annuity or unitrusts (CLAT or CLUT), and qualified personal residence trusts (QPRT).
Many of the operational costs of a CRT that are associated with using an institutional trustee may be reduced--perhaps significantly--if the grantor or the charitable remainderman
serves as trustee.
If the annuity trust's actual income is greater than the amount required to be paid out to the non-charitable beneficiary in any given year, the excess income is reinvested in the trust and becomes part of the trust's corpus, eventually going to the charitable remainderman
breached duty by subleasing trust property and keeping the
The doctrine of waste governs relations between the present tenant and remainderman
in a life estate, providing for intergenerational equity.