Define: Shifting Executory Interest

A shifting executory interest is a type of future interest in property that automatically shifts from one party to another upon the occurrence of a specified event, such as the death of a certain individual.

A shifting executory interest shifts from one party to another, while a springing executory interest “springs” into existence in a third party upon the occurrence of a specified event.

One common example of a shifting executory interest is when a property is transferred to one party, but will automatically transfer to another party upon the death of a certain individual.

Yes, shifting executory interests are generally recognized and enforceable in all states, as long as they comply with the requirements of the law.

Yes, a shifting executory interest can be created in a will, allowing for the transfer of property to a different party upon the occurrence of a specified event.

To create a valid shifting executory interest, the interest must be certain to vest or fail within the time period allowed by law, and it must not violate the rule against perpetuities.

In some cases, a shifting executory interest may be revoked or modified if all parties involved agree to the changes. However, this will depend on the specific circumstances and the terms of the original agreement.

If the specified event does not occur, the shifting executory interest will not take effect, and the property will remain with the original party.

In some cases, a shifting executory interest can be transferred or sold to another party, but this will depend on the terms of the original agreement and the laws governing the transfer of future interests.

It is always advisable to consult with a qualified lawyer before creating or dealing with a shifting executory interest, as these interests can be complex and may have significant legal implications.