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LSDefine

Simple English definitions for legal terms

family pot trust

Read a random definition: Act of Settlement

A quick definition of family pot trust:

A family pot trust is a special type of trust that parents create for their children in case something happens to them. It allows the trustee to give money to the children as needed, depending on their needs. This means that if one child needs more money for something like college or medical bills, they can get it. However, it's important to choose the right trustee and make sure the parents' intentions are clear. The trust usually lasts until the youngest child is 18 or another age set by the trust, so older children might not be able to access the money until later in life.

A more thorough explanation:

A family pot trust is a type of trust that parents create for their children in case something happens to them. The trustee of the trust has the flexibility to distribute funds to the beneficiaries according to their needs. This means that the trustee can give different amounts of money to each beneficiary as expenses arise, such as medical bills or college tuition.

For example, let's say that a couple creates a family pot trust for their three children. One of their children has a medical condition that requires expensive treatments. The trustee of the trust can give more money to that child to cover their medical expenses, while still providing for the other two children.

However, family pot trusts also have some disadvantages. Since the trustee has a lot of discretion, it's important to choose the right trustee and clearly define the parents' intentions. Additionally, the trust typically doesn't end until the youngest child reaches a certain age, so older children may not be able to access the funds until later in life.

family limited partnership | family purpose doctrine

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GodsPlanUltimately
22:47
Rationally that's what I thought but irrationally I was like crying throwing up did I mess it up lol
babycat
22:49
Lol you’re all good
GodsPlanUltimately
22:49
I'm assuming then for status checking eventually that the school emails you that information once LSAC finishes processing?
babycat
22:50
Yep
GodsPlanUltimately
22:50
Thank you ╱|、 (˚ˎ 。7 |、˜〵 じしˍ,)ノ
GodsPlanUltimately
22:50
Just stressing because this is my first and only app.
GodsPlanUltimately
22:53
Does the CAS Report send once the school requests it or do I have to send it ?
babycat
23:02
It sends automatically
babycat
23:02
Why only one app?
GodsPlanUltimately
23:06
I'm in a dual degree program that my undergraduate has where if you meet a gpa and percentile you can have your senior year be your L1 ! Cuts off a year of time and money and the partner was my top pick for law anyways. It all just worked out and since it's ED can't really apply anywhere else because the L1 transfers back to complete my degree. :)
babycat
23:14
oh that’s nice! I guess you have a high degree of certainty about the process then
Dkk
0:10
Welcome. About to eat another ghost pepper. @babycat
Dkk
0:27
God my mouth is burning so much
@babycat: A few things. I mean, for one, this is my fifth year of undergrad (graduating with a dual BA/MA), so I don't think academically I'm incredibly behind or anything. Beyond, that I've explored other fields, and for the very niche area of public interest work I am interested in, law is the only way I can make a substantiative difference so why not start now.
And also my other options just are not great. I could take a shit paying job at a think tank, I was offered a job at, but I don’t find the work interesting. Or I could continue in academia, getting a phd, but again just not especially interested in academic philosophy.
I would say more, but I am very close to doxxing myself if I haven’t already.
Dkk
1:02
5th year at 19. That is amazing.
Dkk
1:02
So you started when you were 14. Wow.
Dkk
1:11
I tried to find you but if still in school, other names pop up first. Do you drink alcohol? If not, you should start drinking to catch up to me. @texas
I started at 15
turning 20 this year
or well very beginning of next year
Dkk
1:15
My best advice is to start learning wine and cocktails asap. Take the introductory and certified sommelier exam as soon as you hit 21.
Dkk
1:16
I could not find you with that information. You are still probably pretty safe. Though I did not use all my search engines or filters.
@Dkk: That is good. Granted I don't think being doxxed would be the end of the world, but who knows.
And, yeah, I have drinken a little bit over the last couple of years (what college student hasn't), but not a massive fan
Dkk
1:24
That is cus college people drink like idiots. I was not a fan at my first college and I did not start drinking until I was 22.5. The art of Sommelier stuff though is less about drinking and more about thought process. Kind of a puzzle like a logic game. Same with cocktails. You will love it if you hate college type drinking.
Dkk
1:25
It's something to do outside of the things you mentioned, it is useful for networking, and it will help you in law school. It will help you find exactly what you want to do in law school.
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