A South Dakota property owner transfers ownership but retains a life estate. Upon the life tenant's death, the property passes to the designated person known as the:
Correct Answer
B) Remainderman
The remainderman is the person designated to receive full ownership (fee simple) of the property upon the death of the life tenant. The remainder interest is a future interest that becomes possessory when the life estate terminates.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
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