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Vested remainder |
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vested remainder n. the absolute right to receive title after a presently-existing interest in real property terminates. A "vested remainder" is created by deed or by a decree of distribution of an estate given by will. Example: "Title to the Hard Luck Ranch to my son, Sean, subject to a life estate to my brother, Douglas." Sean has a "vested remainder" which is an absolute right Sean could sell to another person at this time, with occupancy delayed until title would pass to him. (See: vest, vested) VESTED REMAINDER, estates. One by which a present interest passes to the party, though to be enjoyed in future, and by which the estate is invariably fixed to remain to a determinate person, after the particular estate has been spent. 2 Bouv. Inst. n. 1831. Vide Remainder. |
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Addressing the degree of interest in property necessary to be eligible for the annual exclusion, the court stated that Crummey did not require or imply that beneficiaries of a trust have a vested present interest or vested remainder interest in the trust corpus or income in order to qualify the gift for the annual exclusion. |
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Vested remainder
