Final answer:
Papa created a life estate for Teddy Jr., with the local elementary school as the remainderman. They will receive the remainder of interest in the land upon Teddy Jr.'s death, with no reversionary interest for Papa or his heirs.
Step-by-step explanation:
In a legal context, when Papa conveyed 20 acres of land to Teddy Jr. for life, he created a life estate for Teddy Jr., with Teddy Jr. being the life tenant. Upon Teddy Jr.'s death, the property is set to be conveyed to the local elementary school; this makes the school the remainderman, as they are due to receive the remainder of interest in the property after the life estate expires. Since the property reverts to a predetermined party after the life tenant's interest ends, there is no reversionary interest for Papa or his heirs; the entire future interest is held by the school as the remainderman.
In this particular case, Teddy Jr. is the remainderman. A remainderman is someone who has a reversionary interest in a property or asset. In other words, Teddy Jr. will receive the property after the life estate ends, which is upon his death.The local elementary school is the remainder of interest. This means that the school will receive the land after Teddy Jr.'s death. It is important to note that the school does not have any present interest in the land until Teddy Jr.'s life estate ends.Papa, who conveyed the land to Teddy Jr., has a reversionary interest. This means that Papa will regain ownership of the land if Teddy Jr. dies before the life estate ends.