When a person has a present, fixed right orinterest in property, even though he or she maynot have the right to possession until sometimein the future. For example, a remainderman’sinterest in property vests when it is granted, notwhen a life estate ends.

Merriam-Webster Online Dictionary
vested (adjective)
fully and unconditionally guaranteed as a legal right, benefit, or privilege - the vested benefits of the pension plan
having a vest - a vested suit
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