Class gift definition
Class gift means a transfer to a group of persons who are classified by their
Class gift means a transfer to a group of persons who are classified by their relationship to one another or the transferor, and who are not individually named in the transferring document.
Class gift means a devise or gift to a body of people, uncertain in number at the time of the gift, to be ascertained at a future time, who are all to take in equal, or other definite proportions, the share of each being dependent for its amount upon the ultimate number of people in the class. Example: “I leave $10,000 to my grandchildren.” In the example, the decedent’s grandchildren constitute a class of people which may grow over time, but will be a certain number upon the death of the decedent.
More Definitions of Class gift
Class gift means a devise or gift to a body of people, uncertain in number at the time of the gift, to be ascertained at a future time, who are all to take in equal, or other definite proportions, the share of each being dependent for its amount upon the ultimate number of people in the class.