Uniform Simultaneous Death Act is a piece of legislation enacted by many states which prevents the need of multiple probate proceedings when two individuals die within 120 hours of one another. When someone passes with or without a will,...
trusts, inheritances & estates
Uniform Transfers to Minors Act
The Uniform Transfers to Minors Act (UTMA) expanded on the Uniform Gifts to Minors Act allowing all kinds of property such as bonds, real estate, and art to be transferred to minors and was adopted by most states. UTMA allows the property to...
vacant
Vacant is a term used to describe both (1) empty, unclaimed, and/or unoccupied real property and (2) an abandoned estate, which refers to an estate that has no heirs or claimants. It is often used in property law.
An...
vacant succession
Vacant succession refers to when no heirs to an estate can be found or those that are known predeceased the testator or rescinded their inheritance. Vacant succession typically refers to property being distributed under a will, not as an...
valuable papers
Valuable papers refers to documents and records that are of significant importance to a person and are taken care of as such. Valuable papers, under estates and trusts law, are valuable because they detail a decedent's final wishes, ensure...
vest
A right or an interest in property "vests" when it is secured. This means that the beneficiary of the right or property interest is certain to receive a specific amount, either now or in the future.
[Last updated in July of 2024 by...
vested
The term vested describes a right, interest, or title that is absolute, fixed, and not subject to being taken away or “divested.” When a right is vested, the person with the right has a guaranteed legal claim or entitlement that can be...
vested remainder
Vested remainders are a type of remainder in property law with an ascertained taker and without a condition precedent. In short, it is the right to receive property, without condition.
A remainder is a future interest where...
voting trust
A voting trust is when individual shareholders, or a group, transfer their voting rights to a trustee, or a group of trustees. Voting trusts are a device for combining shareholder’s voting power as the trustee then controls a unified voting...
widow
According to 17 USC § 101 a widow is a person whose spouse died during their marriage and has not since remarried. Also known as a surviving spouse.
[Last updated in March of 2022 by the Wex Definitions Team]