term:

Remainder

remainder n

[Anglo-French, from Old French remaindre to remain]
1 : an estate in property in favor of one other than the grantor that follows upon the natural termination of a prior intervening possessory estate (as a life estate) created at the same time and by the same instrument compare future interest at interest, reversion

charitable remainder
: a remainder in favor of a charity

contingent remainder
: a remainder that is to take effect in favor of an unidentifiable person (as one not yet born) or upon the occurrence of an uncertain event called also executory remainder

cross remainder
: either of two or more remainders in favor of two or more persons so that upon the termination of one remainder that share goes to the other or others

executory remainder
: contingent remainder in this entry

remainder vested subject to open
: a vested remainder that is subject to diminution by the shares of other remaindermen (as children born later)

vested remainder
: a remainder in the favor of an ascertained person who has a present interest and is entitled to take possession upon the termination of the prior estate
2 : that which remains or is left
;specif
: the property in a decedent's estate that is not otherwise devised or bequeathed [I leave the rest, residue, and of my estate to my son Michael]

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.