Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

fixed trust

Read a random definition: latori praesentium

A quick definition of fixed trust:

A fixed trust is a type of trust where the person who created it (the trustor) decides exactly how the assets in the trust will be distributed. The people in charge of managing the trust (the trustees) have to make sure the assets are doing well financially, but they can't change what the beneficiaries receive. Usually, the beneficiaries get a set amount of money or a percentage of the trust's profits on a regular schedule, like every month or every three months. This is different from a discretionary trust, where the trustees can change how much the beneficiaries get based on their needs or how well the trust is doing. Some trusts are a mix of fixed and discretionary, where the beneficiaries get a set amount but the trustees can change it in an emergency or if things change.

A more thorough explanation:

A fixed trust is a type of trust where the trustor specifies exactly how the assets are to be distributed. The trustee must manage the assets for financial success, but they cannot change what the beneficiaries receive. Fixed trusts usually give each beneficiary a set amount of money or a percentage of the trust profit on a fixed schedule, such as monthly or quarterly.

  • John sets up a fixed trust for his children, specifying that each child will receive $500 per month from the trust until they turn 25 years old.
  • Sarah creates a fixed trust for her grandchildren, stating that each grandchild will receive 10% of the trust's profits every quarter.

In both examples, the trustor has specified exactly how the assets are to be distributed, and the trustee must follow these instructions. The beneficiaries receive a fixed amount of money on a regular schedule, and the trustee cannot change this amount.

Fixed trusts are different from discretionary trusts, where the trustee has the ability to change the amount the beneficiaries receive based on their needs or performance of the trust. Some trusts may combine aspects of both fixed and discretionary trusts by setting fixed payout schedules for beneficiaries, but the trustees may have the ability to change benefits in the case of an emergency or changing circumstances.

fixed surveillance | fixture

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.