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Simple English definitions for legal terms
interested person
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A quick definition of interested person:
An interested person is someone who has a right to something, like money or property, that belongs to someone who has died or has a trust. It can also include a business that is owed money. It's important to figure out who the interested person is so they can get what they are owed.A more thorough explanation:
An interested person is someone who has a property right or claim against something, such as a trust or a deceased person's estate. This can also include a business that is a creditor of a deceased person. The term can also refer to an entity, not just a human being.
For example, if someone dies and leaves behind a will, the interested person would be someone who has a legal claim to the deceased person's property or assets. This could be a family member, a business partner, or a creditor who is owed money by the deceased person.
Another example would be in a trust, where an interested person would be someone who has a legal right to receive money or property from the trust. This could be a beneficiary named in the trust, or a creditor who is owed money by the trust.