Legal Question in Wills and Trusts in New York
Remainder Interest
My father died and his will created a lifetime trust for my mother. My mother has recently died. One of the remainders created by my father has died. Did her interest end with her or does it pass through her family?
2 Answers from Attorneys
Re: Remainder Interest
It depends on the provisions of the Will.
Re: Remainder Interest
The answer depends upon the language of the document and any survivorship requirements. In general, the remainder interest is vested when created, although payout is deferred until the life estate is extinguished. Thus, this person's interest became vested when the original decedent passed away. The language of the docuemnt should have specified what happens if a remainderman should pass away before the life estate is terminated. Usually, there is provision for that person's heirs to take in place of the person who died. There should also be language of who takes if the remainderman left no heirs. Alternatively, there might be language that has a contrary result, requiring that the remainderman survive to become entitled. I would need to read the language to give you a specific answer. If you want me to review this, FAX me a copy of the provisions involved.
This answer is is incomplete due to a lack of all facts involved.
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