What does Abeyance mean?

It is the case in which the legal beneficiary of a property hasn’t been agreed upon for various reasons. This happens mainly because the rightful beneficiary hasn’t appointed such a new legitimate owner. Thus, it is a situation where everything is depending upon the course of events in the future, where at a given point a person will become the legal owner after the fulfillment of the mentioned tasks.

Abeyance explained

To exemplify it, it is the situation when a parent leaves funds for the child but the condition which has to be fulfilled is finishing university. Thus, up until the moment the child graduates the funds are pending, or in abeyance. Abeyance is also in force in the case the rightful owner is incapable of pointing out a legitimate owner of the funds, because the family members whom he would entrust with these are yet to be born, for example future children, grandchildren, nephews and so on.