Legal Definitions - have and hold

The phrase "have and hold" is a traditional legal term primarily found in documents that transfer property ownership, such as deeds, wills, and trust agreements. It signifies the complete transfer of both possession and all associated rights and responsibilities of ownership to the recipient.

When a document states that someone is to "have and hold" property, it means they not only gain physical possession of the item or land but also acquire the full legal right to:

• Retain it indefinitely.
• Use it as they see fit (within legal limits).
• Benefit from it.
• Dispose of it (e.g., sell, lease, or bequeath it).

Essentially, it clarifies that the recipient is receiving full and complete ownership, subject only to any specific limitations or conditions explicitly mentioned in the document itself.

Here are a few examples to illustrate its application:

• Real Estate Deed: When a couple purchases a new home, the property deed will typically contain language stating that the buyers are to "have and hold" the property. This means that upon the completion of the sale, they gain full legal ownership of the house and land, with all the rights to live there, make improvements, sell it in the future, or pass it on to their heirs, subject to any easements or covenants already on the property.

  This example demonstrates how "have and hold" confirms the transfer of complete ownership from the seller to the buyer, granting them all the privileges and responsibilities associated with owning real estate.

• Last Will and Testament: A parent's will might state, "I give, devise, and bequeath my antique watch collection to my daughter, for her to have and hold absolutely." In this context, "have and hold" ensures that upon the parent's passing, the daughter receives full and unconditional ownership of the watch collection. She can then wear them, display them, sell them, or keep them as she wishes, without any further conditions or claims from other beneficiaries.

  This example illustrates how the phrase clarifies the complete and unrestricted transfer of personal property through inheritance, granting the recipient full control over the asset.

• Trust Agreement: A grantor might establish a trust to manage assets for their grandchildren. The trust document could state that the trustee is to "have and hold" a portfolio of investment securities for the benefit of the named beneficiaries. Here, "have and hold" means the trustee legally possesses and controls these investments, not for their personal benefit, but with the responsibility to manage them prudently according to the trust's terms, ensuring they are retained and administered for the grandchildren's future use.

  This example shows how "have and hold" can define the nature of possession and control within a fiduciary relationship, where the trustee holds legal title and management rights for the benefit of others, adhering to specific conditions outlined in the trust.