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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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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