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This term is used to describe the interest that follows a life estate or a term of years. If an interest is given to the surviving spouse for life and then the property passes to the kids, the kids have a remainder interest. If an interest is given to a charity for ten years and then to the kids, the kids have a remainder interest. If after the life interest or the 10 years the interest comes back to the grantor, it is called a reversion.
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Donald M.
Thompson * 55 W. Monroe #3950; Chicago, IL 60603
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