A vested future estate refers to a type of property interest that is guaranteed to a person, meaning they will have the right to possess the property once a preceding estate ends. This future interest is not contingent on any conditions; it is assured as long as the person is alive when the current estate ceases.
The term "vested future estate" is commonly used in property law, particularly in the context of real estate transactions and estate planning. It is relevant in civil law cases involving inheritance, trusts, and property rights. Understanding this concept can help individuals manage their estates effectively, and users may find it beneficial to utilize legal forms provided by US Legal Forms for drafting wills or trusts that include vested future estates.
Here are a couple of examples of abatement:
Example 1: A parent creates a trust that grants their child a vested future estate in a family home. The child will automatically gain ownership of the home when the trust ends, provided the parent passes away.
Example 2: In a will, an individual specifies that their grandchild will inherit a property outright once the grandchild turns 21, establishing a vested future estate that is guaranteed as long as the grandchild is alive at that time. (hypothetical example)
| State | Variation |
|---|---|
| California | Vested future estates are recognized but may involve specific requirements in trust law. |
| New York | Similar to California, with additional nuances in how estates are administered. |
| Texas | Vested future estates are common and are governed by state property laws. |
This is not a complete list. State laws vary and users should consult local rules for specific guidance.
| Term | Definition |
|---|---|
| Contingent future estate | A future interest that depends on a specific condition being met before possession is granted. |
| Life estate | A property interest that lasts for the lifetime of a specified individual, after which the property reverts to another party. |
If you believe you have a vested future estate or need to establish one, consider the following steps:
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A vested future estate is a property interest that guarantees possession to a person once a preceding estate ends.