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Trusts & Estates Glossary: V

VARIABLE ANNUITY:
An annuity that pays income in units, the dollar value of which fluctuates in relation to the underlying securities, primarily common stocks. Also called an equity annuity. To be contrasted with the guaranteed fixed-dollar payments of the conventional annuity.

VENDEE:
The person who purchases, or agrees to purchase, an item of property.

VENDOR:
The person who sells, or agrees to sell, an item of property.

VEST (verb):
To confer an immediate fixed right of immediate or future possession and enjoyment of property.

VESTED INTEREST:
An immediate, fixed interest in real or personal property although the right of possession and enjoyment may be postponed until some future date or until the happening of some event; to be distinguished from a contingent interest.

VESTED REMAINDER:
A fixed interest in real property, with the right of possession and enjoyment postponed until the termination of the prior estate; to be distinguished from a contingent remainder.

VESTING:
As applied to pension and profit-sharing plans, vesting is a term that indicates the attainment by a participant of a benefit right, attributable to employer contributions, that is not contingent upon his continued employment. Vesting may be total and immediate, graduated over a period of years, or may occur on completion of stated service or participation requirements.

VOLUNTARY TRUST:
A trust created by the voluntary act of the settlor and not conditioned upon his death; the same as a living trust; to be distinguished from a trust under will.

VOTING AUTHORITY:
The power to vote a stock. A trustee may have sole, shared, or no authority to vote stock held in trust.