Alternate Transferee
Categories: Trusts and Estates
That famed Colt revolver (rumored to have killed bad guys from all over the globe during the big one, WWII) was supposed to be transferred to Joe Bob Billy. Unfortunately, JBB had a felony conviction and was not legally allowed to receive inheritance, possession, or ownership of that fine gun. As a result, an alternate transferee was chosen, and his cousin, Billy Joe Joe, lucked out.
Alternate transferees exist for cases where one party can't legally receive a transfer, or in cases where they simply don't want to receive the entity given to them, like...they may have an aversion to wealth and thus, comrade Brinkospitchz simply choses to pass on the million-dollar inheritance from Uncle Larry.
