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LSDefine

Simple English definitions for legal terms

life beneficiary

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A quick definition of life beneficiary:

A life beneficiary is someone who is given benefits for their entire life through a trust or a will. They can use the assets given to them, like living on a piece of land or receiving an allowance, but they don't own the assets. The terms of the will or trust limit their use of the assets, and they can't waste them. When the life beneficiary dies, the assets don't go to their heirs, but instead go to a named remainder beneficiary or back to the grantor or their heirs.

A more thorough explanation:

A life beneficiary is a person who receives benefits for their lifetime through a trust or a will. They do not own the assets, but they have access to and use of them. The use of the assets is subject to the terms of the will or trust and can be limited or expanded by a trustee. Waste is not allowed.

One example of a life beneficiary is a person who is granted a life estate in a piece of land. This means that they have the right to live on the land and use it for their lifetime, but they do not own the land. Another example is an AB Trust, where one spouse is the life beneficiary of the trust and receives income from the trust for their lifetime, while the other spouse is the remainder beneficiary and receives the assets after the first spouse passes away.

These examples illustrate how a life beneficiary has access to and use of assets for their lifetime, but they do not own them. The assets are subject to the terms of the will or trust and can be limited or expanded by a trustee. Upon the death of the life beneficiary, the assets pass on to a named remainder beneficiary or revert back to the grantor or their heirs.

LIFE Act | life estate

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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
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