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LSDefine

Simple English definitions for legal terms

estates and trusts

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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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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?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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