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LSDefine
Simple English definitions for legal terms
Takers in Default
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A quick definition of Takers in Default:
Term: Takers in Default
Definition: Takers in default are the people who get something if someone doesn't use their special power to give it to someone else. For example, if someone has the power to give a house to their friend, but they don't do it, the takers in default would be the people who would get the house instead. The takers in default are usually named in a special part of the document that talks about the power.
A more thorough explanation:
Definition: Takers in default refer to the individuals or class of individuals who will receive the property or assets if the power of appointment is not properly exercised. This clause is usually included in the power of appointment document.
For example, if a person has a power of appointment over a trust, they may have the ability to appoint the trust assets to their children or grandchildren. However, if they fail to properly exercise this power, the takers in default clause will determine who receives the assets. This clause may state that the assets will go to the person's siblings or nieces and nephews.
Another example is if a person has a power of appointment over a piece of real estate. If they do not properly exercise this power, the takers in default clause may state that the property will go to the person's surviving spouse or children.
These examples illustrate how takers in default are the individuals or class of individuals who will receive the property or assets if the power of appointment is not properly exercised. It is important to include a takers in default clause in a power of appointment document to ensure that the property or assets are distributed according to the person's wishes.