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Simple English definitions for legal terms

contingent trust

Read a random definition: perfected security interest

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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TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
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we’re like cool and sexy and fun I get it
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true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
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