Contingent means that an event may or may not occur in the future, depending on the fulfillment of some condition that is uncertain. This term is often used in contracts where the event will not take effect until the specified condition...
family & personal matters
contingent beneficiary
A contingent beneficiary is a person alternatively named to receive the benefits in a will or trust. It also refers to a person who benefits only upon the happening of a condition precedent that is implicitly or explicitly expressed in the...
contingent ownership
Contingent ownership refers to ownership that the owner can only enjoy if a certain condition occurs.
For example, Bill writes in his will that he leaves his "interest in The Centerville Café to Sarah, if she is still living in...contingent remainder
A contingent remainder is a subtype of a remainder, or a future interest in the grantee. Contingent remainders can come in two forms: a remainder is created in an unknown person or a remainder that has a condition precedent to possession. It...
contingent trust
Contingent trust is a trust that can only be created should certain conditions be met as stated in a person’s will. To set up a contingent trust, a person states in their will the specific conditions they wish to be met in order for the trust...
contingent will
A contingent will is a will that takes effect only when a specific condition occurs. To determine whether a will is “contingent” one must look at whether the happening of the contingency is a condition precedent for the will to operate or if...
contutor
A contutor is a court appointed (i.e. by court order) or testamentary joint guardian of a ward. A ward is a person who cannot properly take care of themselves because of their age or legal incompetence. A person is legally incompetent when he...
convey
To convey is to make a transfer of a property interest to another individual by either sale or gift. This transaction is known as a conveyance.
The standard way to convey a property interest is through a deed. The party who...
conveyance
A conveyance is the transfer and assignment of any property right or interest from one individual or entity (the conveyor) to another (the conveyee). This is usually accomplished through a written instrument - most often a deed - that...
conveyee
A conveyee is a person or entity to whom property is conveyed. See also conveyance.
[Last updated in June of 2021 by the Wex Definitions Team]