What it is:
How it works/Example:
Let's say John Doe owns an empty
While the matter goes through probate, the is in abeyance. That is, it is unclear who owns the property. Accordingly, it is unclear who is responsible for the upcoming property tax payment or for the outcome of the lawsuit John was facing from a person who was hurt while trespassing on John's property.
Why it matters:
Courts often deem assets in abeyance when ownership is unclear. People also set up trusts that do not convey assets until thefulfills certain obligations (for instance, no for the grandson until he completes college or reaches age 30).