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Simple English definitions for legal terms

final beneficiary

Read a random definition: fructus naturales

A quick definition of final beneficiary:

Final beneficiary: The last person who gets something from a trust, life insurance policy, or other property when the original owner picked more than one person to receive it. This person gets it after the other people who were chosen before them have finished using it. For example, if someone leaves their house to their sister for her lifetime and then to her daughter, the daughter is the final beneficiary who gets the house after her mother has passed away.

A more thorough explanation:

Final beneficiary refers to the last person who will receive the benefits of a trust, life insurance policy, or other property when the original owner has assigned multiple beneficiaries. This person will receive the benefits after the previous beneficiaries' life estates or other period of control ends.

For example, if John creates a trust and assigns it to his wife, Jane, for her lifetime, and then to his children, Sarah and Michael, Sarah and Michael are the final beneficiaries. They will receive the benefits of the trust after Jane's death.

Another example is if a person has a life insurance policy and assigns it to their spouse for their lifetime, and then to their children, the children are the final beneficiaries. They will receive the benefits of the policy after their parent and spouse have passed away.

Overall, the final beneficiary is the last person in line to receive the benefits of a trust, life insurance policy, or other property. They will receive the benefits after the previous beneficiaries' period of control has ended.

filing fee | final decree

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

ChowieBean

10:38

Very happy with LR other than having to guess on a couple questions cuz of time

ChowieBean

10:42

i have a question about my personal statement. in my activism for the hospitality workers' union, i organized and spoke up in favor of stronger regulations on airbnb because the unregulated spread of airbnb throughout LA was inflating housing costs for workers and threatening their job security. do you think it's too divisive to mention regulating airbnb? idk

Nostradumbass

10:44

I wrote mine about how all activists should be consolidated into a large smelting pot and refined down to a viscous goo

Nostradumbass

10:45

Expecting a lot of rejections though

ChowieBean

11:07

I'm sure you'll get a full ride to a few schools :P

HowlEngineer

11:11

The impression I get is most schools try not to judge based on the political implications of what you write about. They probably care more that you saw a problem and tried to fix it. That seems like a great thing to write a PS about @chowie

HowlEngineer

11:18

Besides, if a school didn’t let you in for trying to fix a problem you saw in your community, that doesn’t say great things about your school’s culture (assuming the thing you did showed good common sense judgment ofc)

HowlEngineer

11:19

That school’s* culture

ChowieBean

11:23

Thanks Howl you're right :D I def talked about solving problems in my PS

ChowieBean

12:03

@HowlEngineer: what's your dream school

MildChiller

12:08

"Have you applied for admission to [school] in a prior year" I applied in Oct. of the 23-24 cycle, should I put 23 or 24 as the year I applied?

MildChiller

12:09

Bcuz 2023 is when I technically applied but I applied for admissions in 2024

ChowieBean

12:14

2024 cuz that's when you would've been admitted

ErraticFearlessGecko

12:17

I agree with Howl

ChowieBean

12:19

Gecko what's ur dream school

ErraticFearlessGecko

12:20

Hard to say. I'm pretty firmly committed to the philly area so probably temple or villanova

ErraticFearlessGecko

12:20

Also relatively debt averse so I'd have to get a good scholarship from BC or Fordham to want to go but that's not very likely for me

ErraticFearlessGecko

12:21

Any advice? lol

[] baddestbunny

12:25

what’s a good scholarship for you? what would make BC or Fordham worth it?

ChowieBean

12:25

Hmmmm let me think

[] baddestbunny

12:25

fordham’s max aid they give is 45k per year

ErraticFearlessGecko

12:29

Bunny I can possibly get a 75%+ scholarship from villanova or temple, and I'd be moving back in with my parents if I went there so I'd have near-zero COL. It'd be really hard to beat that

ErraticFearlessGecko

12:29

I would prefer BC over Fordham just because I like boston more, but I'm expecting a WL there tbh

ErraticFearlessGecko

12:31

I would maybe consider BC with $ but I don't know how to decide if a better biglaw chance is worth the COL + higher tuition

Law01

12:50

How do I know if my status checkers are properly linked

HowlEngineer

12:59

@ChowieBean: right now, Michigan, but there are several that come close. How about you?

HowlEngineer

13:05

@Law01: I haven't gotten the status checkers to work at all. When I sent an email to the LSData folks the other week, they said they were working on fixing them

HowlEngineer

13:10

but I think "Last Checked" would change from "Never" to something else

ChowieBean

13:30

@HowlEngineer: I'll get more specific once I get my LSAT score, but NYU, Berk, GTown, UCLA

ChowieBean

13:30

Anywhere that's top for PI

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