Related Definitions
What is a Contingency?
A condition that must be met before certain provisions in a will or trust are executed.
A condition or event that must occur before a particular obligation or action is triggered in legal matters, including trusts and estates. In the context of probate, contingencies might involve certain events, such as the death of a beneficiary or the resolution of debts, affecting the distribution of assets. Planning for contingencies can ensure that estate distribution is handled smoothly under various circumstances.
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