trusts, inheritances & estates

Contingent Beneficiary

A contingent beneficiary is a person alternatively named to receive the benefits in a will or trust. It also refers to a person who benefits only upon the happening of a condition precedent that is implicitly or explicitly expressed...

Contingent Interest

An interest that the holder may enjoy only upon the occurrence of a condition precedent.

For example, say Bill writes in his will that he leaves his "interest in The Centerville Café to Sarah, if she is...

Contingent Ownership

An interest that the holder may enjoy only upon the occurrence of a condition precedent.

For example, say Bill writes in his will that he leaves his "interest in The Centerville Café to Sarah, if she is...

Contingent Remainder

A future estate with some uncertainty - either in the identity of the possessor ("then to my children" leaves uncertainity as to how many children there will be) or if the person will actually take the estate ("to my son, unless he moves away").

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Contingent Trust

Also known as a standby trust. This is a trust with a catch, a future event specified in the trust instrument that must occure for the trust to operate.

Contingent Will

Contingent will is a will that takes effect only when a specific condition occurs. To determine whether a will is a contingent will, one must look at whether the happening of the contingency is condition precedent for the will to operate or whether...

Contutor

A contutor is a court appointed (i.e. by court order) or testamentary joint guardian of a ward. A ward is a person who cannot properly take care of themselves because of their age or legal incompetence. A person is legally incompetent when he...

Convey

To make a transfer of a property interest to another individual by either sale or gift.

Conveyance

A conveyance is the transfer and assignment of any property right or interest from one individual or entity (the conveyor) to another (the conveyee). This is usually accomplished through a written instrument - most often a deed - that...

Conveyee

A conveyee is a person or entity to whom property is conveyed. See also conveyance.

[Last updated in June of 2021 by the Wex Definitions Team]

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