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AromaticTroubledDormouse
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Simple English definitions for legal terms
Vest
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A quick definition of Vest:
Term: Vest
Definition: When you have a right or interest in something, it "vests" when it becomes certain that you will receive it. This means you will get a specific amount of something, either now or later.
A more thorough explanation:
Vest
When a right or interest in property "vests," it means that it is secured and the beneficiary is certain to receive a specific amount, either now or in the future.
1. John's company offers him a retirement plan that vests after five years of employment. This means that after five years, John is guaranteed to receive the benefits of the retirement plan.
2. Sarah inherits a piece of land from her grandfather, but the ownership of the land vests in her only after she turns 21. This means that Sarah will become the owner of the land when she reaches the age of 21.
These examples illustrate how a right or interest in property can be secured and guaranteed to the beneficiary. In the first example, John's retirement plan is secured after five years of employment, and he is guaranteed to receive the benefits. In the second example, Sarah's ownership of the land is secured, but she has to wait until she turns 21 to become the owner.