10:38
Very happy with LR other than having to guess on a couple questions cuz of time
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LSDefine
Simple English definitions for legal terms
fiduciary heir
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A quick definition of fiduciary heir:
A fiduciary heir is someone who inherits property from a person who has passed away. They may be entitled to receive the property through the laws of intestacy, which means the person did not have a will. They can also inherit property through a will. In some cases, a fiduciary heir may be responsible for managing the property on behalf of someone who is not yet eligible to receive it.A more thorough explanation:
Definition: A fiduciary heir is a person who inherits property as a trustee on behalf of someone who is not eligible to receive the property immediately. This term is used in Roman and civil law.
Example: If a person dies and leaves behind a will that states their property should be given to their child when they turn 18, the child cannot receive the property immediately. Instead, a fiduciary heir will be appointed to hold the property in trust until the child reaches the age of 18. The fiduciary heir is responsible for managing the property and ensuring that it is eventually transferred to the child.
This example illustrates how a fiduciary heir is appointed to hold property in trust until the intended recipient is eligible to receive it. This ensures that the property is managed properly and that the intended recipient receives it at the appropriate time.