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Simple English definitions for legal terms
terminable interest
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A quick definition of terminable interest:
A terminable interest is a type of legal claim or right to property that can be ended or terminated under certain conditions. It means that the person holding the interest can only enjoy it for a limited time or until a specific event occurs. For example, if someone has a terminable interest in a trust, they may only receive income from it until a certain date or until they reach a certain age.
A more thorough explanation:
A terminable interest is a legal share in something that is subject to a condition that will cause it to end or terminate. This means that the holder of the interest will only enjoy it for a limited time or until a specific event occurs.
For example, a person may have a terminable interest in a property that will end upon their death or the expiration of a lease. Another example is a trust that provides income to a beneficiary for a certain period, after which the interest terminates and the trust property is distributed to other beneficiaries.
These examples illustrate how a terminable interest is a temporary or limited right that is subject to a condition or event that will cause it to end. It is important to understand the terms and conditions of any interest before accepting it to avoid any misunderstandings or legal issues.