GIFT WITH RESERVATION
\ɡˈɪft wɪð ɹˌɛzəvˈe͡ɪʃən], \ɡˈɪft wɪð ɹˌɛzəvˈeɪʃən], \ɡ_ˈɪ_f_t w_ɪ_ð ɹ_ˌɛ_z_ə_v_ˈeɪ_ʃ_ə_n]\
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A gift or asset transfer with some condition attached. The condition in some way usually benefits the original owner. Prior to the death of the owner it is commonly used to transfer to an intended beneficiary property or asset ownership. A parent reserving continued residence after transferring to their children ownership of the family home is a fairly common example.
By Henry Campbell Black
Nearby Words
- gift over
- gift shop
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