Vested in Possession Law and Legal Definition
Vested in possession is a term used to indicate an interest which gives a right to immediate enjoyment of an interest in property as opposed to an interest vested in remainder. For example, an estate is vested in possession when there exists a right of present enjoyment; and an estate is vested in interest, when there is a present fixed right of future, enjoyment. “The phrase "vested in possession" is well understood as meaning a right of present enjoyment. Contrasted with these terms is the phrase "vested in interest," which means a present fixed right of future enjoyment. Thus any given interest may first be vested in interest, then vested in possession, and finally reduced to possession.”[ In re Estate of Brambeer, 63 Misc. 2d 263 (N.Y. Misc. 1970)].