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Simple English definitions for legal terms
clause of accrual
Read a random definition: warranty adjustment program
A quick definition of clause of accrual:
A clause of accrual is a part of a legal document, like a will or a deed, that says if one person who was supposed to receive something dies, their share goes to the other person instead of being given to someone else. It's like a backup plan to make sure the surviving person gets everything they were supposed to get.
A more thorough explanation:
A clause of accrual is a provision that can be found in a gift by will or in a deed between tenants in common. This clause grants the shares of a predeceasing beneficiary to the surviving beneficiary.
For example, if a husband and wife own a property as tenants in common and the husband passes away, the clause of accrual would grant the husband's share of the property to the surviving wife. This ensures that the property remains with the surviving beneficiary and does not pass to the deceased beneficiary's heirs.
Another example would be in a will where a parent leaves their estate to their children as tenants in common. If one of the children passes away before the parent, the clause of accrual would grant the deceased child's share to the surviving siblings.
The clause of accrual is important in ensuring that the intended beneficiaries receive the full benefit of the gift or property ownership. It also helps to avoid disputes and confusion over ownership rights.