Simple English definitions for legal terms
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Executed remainder: An old term that means the same thing as "vested remainder." This means that someone is guaranteed to get a piece of property in the future.
Executed remainder is an old-fashioned term that means the same thing as vested remainder. A vested remainder is a type of property interest that guarantees a person will receive the property in the future.
For example, let's say that John owns a piece of land and wants to give it to his daughter, Sarah, but only after he passes away. John can create a vested remainder by specifying in his will that Sarah will receive the land when he dies. This means that Sarah has a guaranteed right to the land, even though she won't receive it until John dies.
Another example is if a couple buys a house and puts it in a trust for their children. The trust might specify that the children will receive the house when they turn 25 years old. This creates a vested remainder for the children, who know that they will eventually inherit the house.
These examples illustrate how a vested remainder works by guaranteeing that a person will receive property in the future, even if they don't receive it right away.