Glossary – V

glossary

 

 

 

VAIL
Virtual Asset Instruction Letter.

Validating Lives
Individuals by whose life or death it can be proven that a gift of a contingent interest does not violate the Rule Against Perpetuities. They are not necessarily lives in being.

VCL
. . .

Vested Remainder
See Contingent Remainder.

VIN
Vehicle Identification Number.

Virtual Adoption
Permits a person who was not formally adopted to be treated as adopted in fact. This is a minority doctrine.

Void
Void gifts are those that lapse because the named beneficiary predeceased the testator. See Lapse and Antilapse.

Voidable Transfer Statutes
See Fraudulent Transfer.