Glossary r

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Real Property

Real property refers specifically to land, houses, real estate, etc., that are generally fixed and immovable.

Remainderman

A remainderman is a person who receives real property, generally after the death of a person who held a life estate in the property.

Representation

In a real estate transaction it is common for both the buyer and seller to have separate representation by a realtor or other agent. These representatives work exclusively for their client to negotiate the best deal.

Residuary Clause

Typically, when a will makes specific bequests to specific people and/or organizations, the will also contains a residuary clause. This language in the will states how any remaining assets in the estate are to be distributed after specific distributions are made.

Resulting Trust

A resulting trust is a trust created automatically when another trust fails or fails to completely distribute the trust property. When this happens, the property is placed in a resulting trust for the creator of the trust.

Revocable Living Trust/Revocable Inter Vivos Trust

When a person creates a revocable living trust, that person transfers his or her assets into the trust. Therefore, the trust has ownership of the assets. However, the creator of the trust gets to keep control of the assets, serving as the trustee. The creator can change or revoke the trust anytime. Generally speaking, a revocable living trust does not provide tax-saving benefits at death. It is important to talk with the applicable professionals to determine creditor and tax liability during both the life of the creator and after death.

Right of Survivorship

Right of survivorship is typically found in joint tenancies. It means when one owner dies, the other owner(s) take on a full and automatic ownership interest in the property.