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LSDefine

Simple English definitions for legal terms

gift in trust

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A quick definition of gift in trust:

A gift in trust is when someone gives something to another person without expecting anything in return. The person who receives the gift is called the trustee and they hold onto the gift for someone else, called the beneficiary. This is often done to protect the gift or to make sure it is used for a specific purpose. For example, a parent might give money to a trustee to hold for their child's education.

A more thorough explanation:

A gift in trust is a voluntary transfer of property to another person without compensation, where the recipient holds the legal title to the property as a trustee for the benefit of a beneficiary. The trustee manages the property and distributes the income or principal to the beneficiary according to the terms of the trust.

For example, a parent may give a gift of money to a child in trust, with the child as the beneficiary and the parent as the trustee. The parent would manage the money and distribute it to the child according to the terms of the trust, such as for education or medical expenses.

Another example is a charitable gift in trust, where a donor gives property to a charity in trust, with the charity as the beneficiary and a trustee managing the property and distributing the income or principal to the charity according to the terms of the trust.

Gifts in trust can be made during the donor's lifetime (inter vivos) or through a will (testamentary). They can also be revocable or irrevocable, depending on the terms of the trust.

gift inter vivos | gift over

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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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