Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Vesting?
Summarize this article for a 10 year old
In law, vesting is the point in time when the rights and interests arising from legal ownership of a property are acquired by some person. Vesting creates an immediately secured right of present or future deployment. One has a vested right to an asset that cannot be taken away by any third party, even though one may not yet possess the asset. When the right, interest, or title to the present or future possession of a legal estate can be transferred to any other party, it is termed a vested interest.
The concept can arise in any number of contexts, but the most common are inheritance law and retirement plan law. In real estate, to vest is to create an entitlement to a privilege or a right. For example, one may cross someone else's property regularly and unrestrictedly for several years, and one's right to an easement becomes vested. The original owner still retains the possession, but can no longer prevent the other party from crossing.
Oops something went wrong: