Final answer:
Papa used a legal concept called a life estate to give Teddy Jr. the right to use 20 acres of land for his lifetime. After Teddy Jr.'s death, the land will revert to Papa, making him the remainderman with a reversionary interest.
Step-by-step explanation:
Remainderman, remainder of interest, and reversionary interest are terms related to property interests under the law. To build the story using these terms, imagine Papa owns a piece of land that he wishes to manage for future generations. Papa has conveyed 20 acres of land to his son Teddy Jr. for the duration of Teddy Jr.'s life. This arrangement implies that Teddy Jr. is given a life estate, which holds that he may use and benefit from the land during his lifetime.
Upon Teddy Jr.'s death, the land will not pass to Teddy Jr.'s heirs or through his will, but rather it will go back to Papa. In legal terms, Papa is the remainderman because he holds the remainder of interest, indicating he will regain full ownership of the property after Teddy Jr.'s life estate terminates. The interest Papa holds until the life estate ends is known as a reversionary interest because the property reverts back to him. This is similar to the ancient practice reflected in the proverb that states assets may revert to a certain beneficiary after someone's death, as seen in historical legal codes regarding the transfer of property.