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Simple English definitions for legal terms
strict settlement
Read a random definition: voluntary arbitration
A quick definition of strict settlement:
Strict settlement is a way of giving property to family members in a special way, different from how they would normally get it. It's like a special gift that can't be taken away easily. It was used a long time ago to keep property in the family by creating special rules about who could inherit it. Nowadays, there are other ways to give property to family members, but strict settlement is still an important part of history.A more thorough explanation:
Definition: A property settlement that aims to keep the estate within the family by creating successive interests in tail and shielding remainders from destruction by the interposition of a trust.
Example: In a strict settlement, a family member may convey property or interests in property to other family members through a trust, rather than allowing it to be distributed according to the laws of inheritance. This ensures that the property remains within the family and is not lost to outsiders.
Explanation: A strict settlement is a legal arrangement that allows a family to keep their property within the family by creating a trust that outlines how the property will be distributed among family members. This type of settlement is often used to prevent the property from being lost to outsiders or to ensure that it remains within the family for generations to come. The trust shields the property from destruction and ensures that it is distributed according to the wishes of the settlor, rather than according to the laws of inheritance.