Justice Chambers

THE RADIANT JUSTICE CHAMBERS, OBAFEMI AWOLOWO UNIVERSITY.   LEGAL NUGGETS⚖️ ABEYANCE     KEY TAKEAWAYS • The term is simply when the rightful owner of a property or trust has not been decided or has not met the obligations required to inherit the property, such as age or achievement requirements. • Abeyances are used in testamentary trusts. • That is, a legal arrangement created according to the specifications in a person's will. It is created to address any assets accumulated during that person's lifetime or generated as a result of a postmortem lawsuit, such as a settlement in a survival claim or the proceeds from a life insurance policy held on the settlor. A trust can be created to oversee such assets. A trustee is appointed to direct the trust until a set time when the trust expires. This date can be when minor beneficiaries reach a specified age or meet some kind of stipulation such as completing a set educational goal or achieving a specified matrimonia...