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Simple English definitions for legal terms

contingent trust

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A quick definition of contingent trust:

A contingent trust is a special kind of trust that can only be created if certain conditions are met. This means that someone has to follow specific instructions in their will for the trust to be set up. The instructions will say which assets should go into the trust, who the beneficiaries are, and what the conditions are for the trust to be created. By using a contingent trust, the person can control how their assets are distributed and avoid some of the costs of probate. People usually create a contingent trust for their kids or someone who is unable to take care of themselves. This way, a trustee can make sure that the beneficiaries use the assets according to the person's wishes instead of what a court-appointed guardian decides.

A more thorough explanation:

A contingent trust is a type of trust that can only be created if certain conditions are met as specified in a person's will. The grantor outlines the conditions that must be met, the assets that will go into the trust, and the beneficiaries who will receive the assets.

One common reason for creating a contingent trust is to provide for children or an incapacitated beneficiary. For example, parents may create a contingent trust in their wills to ensure that their assets are managed and distributed according to their wishes if they both die at the same time. This would prevent a court-appointed guardian from making decisions about the assets on behalf of the beneficiaries.

By using a contingent trust, the grantor can maintain control over how their assets are distributed and avoid some of the costs associated with probate.

Overall, a contingent trust is a useful estate planning tool that allows individuals to ensure that their assets are distributed according to their wishes and that their loved ones are provided for in the event of their death.

contingent remainder | contingent will

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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