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Simple English definitions for legal terms
springing interest
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A quick definition of springing interest:
Springing interest: When someone owns property only after something specific happens or at a certain time, it's called a springing interest. This often happens in wills and estates, where a person inherits property only after a certain event occurs. For example, if Monica leaves her apartment to Chandler for his lifetime and then to Rachel, Rachel would have a springing interest because she would only own the property after Chandler passes away. This is different from a springing executory interest.
A more thorough explanation:
Springing interest is a type of ownership where a person only owns property after a certain event happens or at a specific time. This type of interest is often found in wills and estates.
For example, let's say that Ross owns a house and wants to leave it to his daughter Emma. However, he wants her to only own the house after she turns 25 years old. In this case, Emma has a springing interest in the house because she will only own it after she reaches the specified age.
Another example could be that Joey wants to leave his car to his best friend Chandler, but only if Chandler gets his driver's license. Chandler would have a springing interest in the car because he will only own it after he gets his license.
Springing interests are a way for people to control how their property is distributed and ensure that it goes to the right person at the right time.