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two circumstances. First, when the owner of property conveys his interest in that property to another person, for the life of a third person. colorado estate evergreen mortgage real example if Joey conveys Blackacre to Rachel during the life of Monica, then Rachel owns the land for as long as Monica lives; if Rachel dies before Monica, Rachel's heirs will inherit the land, and will continue to own it for as long as Monica lives. Second, if Joey conveys Blackacre to Monica for life, Monica colorado estate evergreen mortgage real then sell the life estate to Rachel. Again, Rachel and Rachel's heirs will own the land for as long as Monica colorado estate evergreen mortgage real In either scenario, once Monica dies, the ownership of the land will revert to Joey. If Joey has died, ownership will revert to Joey's heirs. The right to succeed to ownership of the property upon the expiration of the life estate is called a remainder. The early common law did not recognize a life colorado estate evergreen mortgage real in personal property, but such interests were cognizable in equity. Thus, although life estates in real estate are still created today, the life estate is more commonly used in trust instruments, typically in an attempt to minimize the effect of the inheritance tax or other taxes on transfers of wealth. The law of England and Wales no longer recognises the life estate at law in relation to colorado estate evergreen mortgage real instead the holder of legal title to the land (whether the freehold fee simple or a lease) will hold that land on trust first for the life tenant and then for the remainderman. The National Association of Realtors (NAR), whose members are known as "Realtors," is America's colorado estate evergreen mortgage real trade association, representing 1 million members, including NAR's institutes, societies, and councils, colorado estate evergreen mortgage real in all aspects of the residential and commercial real estate industries. NAR's membership is composed of residential and commercial brokers, salespeople, property managers, appraisers, counselors, and others engaged in all aspects of the real estate industry. Members belong to one