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Simple English definitions for legal terms
Vested
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A quick definition of Vested:
Term: Vested
Definition: When you have something that is completely yours and you can use it whenever you want, that means it is vested. It's like having a toy that you can play with anytime you want, without having to ask anyone else for permission. This is different from something that is contingent, which means you can only use it if something else happens first.
A more thorough explanation:
Definition: Having an absolute right or title to something, to be enjoyed either now or in the future. A vested right is unconditional; it is no longer dependent on any event even if it was in the past. See Contingent (contrast).
Vested means that you have a right to something that cannot be taken away from you. It is a permanent right that you can enjoy now or in the future. This right is not dependent on any event that may have happened in the past.
- When you have a vested interest in a company, it means that you have a permanent right to a portion of the company's profits, even if you leave the company.
- When you have a vested pension plan, it means that you have earned the right to receive a certain amount of money from the plan when you retire, and this right cannot be taken away from you.
These examples illustrate the definition of vested because in both cases, the right to the profits or pension is permanent and cannot be taken away, even if certain events happen in the future.