springing interest

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Springing interest is an interest in property where the person owns the property after something occurs or at a specified time. Springing interests often appear in wills and estates where a person inherits property only after something occurs. For example, Monica could will her apartment to Chandler for life and then to Rachel. Rachel would have a springing interest because she will own the property only after Chandler passes. Compare with springing executory interest.

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