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Simple English definitions for legal terms
taker
Read a random definition: tabula in naufragio
A quick definition of taker:
A taker is someone who receives property or assets through a will, power of appointment, or intestate succession. This means that if someone passes away and leaves behind property or assets, the taker is the person who inherits them. There are different types of takers, such as the first taker who receives an estate subject to a remainder or executory devise, the presumptive taker who would receive the property if the takers were to be finally ascertained at the present moment, and the taker in default who receives property not effectively appointed.
A more thorough explanation:
A taker is a person who receives property through a will, power of appointment, or intestate succession. There are different types of takers:
- First taker: A person who receives an estate that is subject to a remainder or executory devise.
- Presumptive taker: A person who would take under the applicable provisions if the takers were to be finally ascertained at the present moment.
- Taker in default: A person who will receive property not effectively appointed; especially, a person designated by a donor to receive property under a power of appointment if the donee fails to exercise that power.
An example of a taker is a person who inherits a house from their deceased relative's will. Another example is a person who receives a gift from a donor under a power of appointment because the donee failed to exercise that power.
For instance, if a person's grandfather leaves them a house in his will, that person is a taker of the property. Similarly, if a donor designates a person to receive property under a power of appointment, and the donee fails to exercise that power, the designated person becomes a taker in default.