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Simple English definitions for legal terms
naked expectancy
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A quick definition of naked expectancy:
Naked Expectancy: This means that someone might get something in the future, but it's not guaranteed. It's like a wish or a hope. Sometimes people can sell or give away this possibility, but other times it's not allowed. If the possibility depends on two or more things happening, it's called a remote possibility.
A more thorough explanation:
Definition: Naked expectancy refers to a mere chance or expectation that a person will acquire future property. It is a type of possibility that is not recognized as an estate or interest in law, and therefore cannot be sold or assigned. It is also known as bare possibility or naked possibility.
Example: A father creates a trust for his son, with the condition that the son will receive the trust property when he turns 25 years old. Until then, the son only has a naked expectancy or a mere hope that he will receive the property. If the son tries to sell or assign this expectancy to someone else, it will be considered void because it is not a recognized legal interest.
Explanation: This example illustrates how a naked expectancy is a mere possibility or hope that a person may acquire future property. It is not a recognized legal interest that can be sold or assigned. In this case, the son has a mere hope that he will receive the trust property when he turns 25, but until then, he has no legal right to it.