What is the term for the remnant of an estate after a prior estate has been conveyed?

The term for the remnant of an estate after a prior estate has been conveyed is known as "Remainder Interest." This legal concept arises when one party (the holder of the prior estate) possesses a specific interest in the property for a certain duration, and after this interest ends, another party is entitled to the property.

For example, in the case of a life estate, the original owner might grant a life estate to another person, allowing them to use the property during their lifetime. Once that person's life interest ends, the property will pass to the individual holding the remainder interest, which has been specified to take effect after the life estate concludes. The remainder interest ensures that the new owner’s rights to the property are clear and enforceable once the prior interest has been extinguished.

Understanding this term is crucial in real estate as it dictates the future ownership and rights associated with property after specific conditions or time frames have elapsed. Knowledge of remainder interests also plays a significant role in estate planning, property conveyance, and understanding the full spectrum of property rights.