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Simple English definitions for legal terms

estates and trusts

Read a random definition: contractus bonae fidei, vel stricti juris

A quick definition of estates and trusts:

Estates and trusts are legal arrangements where someone gives their property to another person to manage and use for the benefit of someone else. This idea started a long time ago when people wanted to protect their land from creditors and avoid certain obligations. Nowadays, people use trusts to plan for their future and make sure their property goes to the right people after they die. A trust has a trustee who manages the property and a beneficiary who receives the benefits. Trusts are often used with wills and other estate planning tools. State laws and the Uniform Probate Code govern trusts and estates, and intestate succession laws determine what happens to someone's property if they don't have a will or trust.

A more thorough explanation:

Estates and trusts are legal arrangements that allow individuals to transfer their property to third parties for the benefit of others. The concept of trusts dates back to the 1500s in England when landowners conveyed the legal title of their land to third parties while retaining the benefits of ownership. Today, trusts are used to hold property, such as stocks, bonds, and bank accounts, for the benefit of others.

A trust is a right in a property that is held in a fiduciary relationship by one party for the benefit of another. The trustee holds title to the trust property, and the beneficiary receives the benefits of the trust. Trusts are often created as an alternative to or in conjunction with a will and other elements of estate planning.

State law establishes the framework for determining the validity and limits of trusts and estates. The Uniform Probate Code has shaped state law in this field, including provisions dealing with affairs and estates of the deceased and laws dealing with specified non-testamentary transfers, like trusts and their administration.

For example, if a wealthy individual wants to provide for their children's education after their death, they may create a trust that holds funds for that purpose. The trustee would manage the funds and distribute them to the children as needed, ensuring that the funds are used for their intended purpose.

Another example is if a person wants to leave their property to a charity after their death. They may create a trust that holds the property and designates the charity as the beneficiary. The trustee would manage the property and ensure that it is transferred to the charity after the person's death.

estate tax threshold | estimated taxes

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BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
The profile links are not working for me. anybody else?
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