trusts, inheritances & estates

Uniform Transfers to Minors Act

Definition from Nolo’s Plain-English Law DictionaryA statute, adopted by almost all states, that provides a method for transferring property to minors and arranging for an adult to manage it until the child is old enough to receive it. Often called by its...

Vacant

Definition

1) Empty, unclaimed, and/or unoccupied real property.

2) An abandoned estate, i.e. an estate that has no heirs or claimants.

Illustrative caselaw

See, e.g. Simmons v. Saul, 138 U.S. 439 (1891).

See also

Abandoned property

Vacant succession

Definition

An estate that has no heirs, because they either do not exist or have renounced the estate. A vacant estate may escheat back to the state.

Illustrative caselaw

See, e.g. Simmons v. Saul, 138 U.S. 439 (1891).

See also

Abandoned...

Valuable papers

Definition

In estates and trusts law, documents — in particular, wills — that are important in carrying out a decedent's wishes. In addition to wills, valuable papers include power of attorney forms, title documents, stock certificates, and letters to...

Vest

A right or an interest in property "vests" when it is secured. This means that the beneficiary of the right or property interest is certain to receive a specific amount, either now or in the future.

Vested

Having an absolute right or title to something, to be enjoyed either now or in the future. A vested right is unconditional; it is no longer dependent on any event even if it was in the past.

See Contingent (contrast).

Vested remainder

Refers to a remainder with an ascertained taker and with no condition precedent.

See: Future Interest

widow's election

Definition from Nolo’s Plain-English Law DictionarySee: elective share

Definition provided by Nolo’s Plain-English Law Dictionary.

words of procreation

Definition from Nolo’s Plain-English Law DictionaryLanguage in a will or deed, used to transfer property to a person and that person's descendants only. Typically, the words take the form "to A, and the heirs of his body," where A is the person inheriting...

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