Emma grants a life estate in her property to Liam. After Liam's death, the property is to go to Olivia, provided Olivia graduates from medical school. What type of future interest does Olivia hold?
Olivia holds a contingent remainder because her interest is dependent on the condition that she graduates from medical school. If Olivia does not graduate, the remainder does not vest.
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What is a contingent remainder?
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What happens if the condition for a contingent remainder is not met?
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How does a contingent remainder differ from a vested remainder?