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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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HopefullyInLawSchool
14:42
hope you are as well
@EvilBee: definitely email them because they didn’t send me scholarship info until after the deposit deadline last cycle, which is very unfortunate
TerribleOverratedPanther
14:53
@HopefullyInLawSchool: I am as well! I am anxiously awaiting next Monday, as decisions will start coming in then. Let us all hope for the best!
HopefullyInLawSchool
15:00
im hoping by the end of the month I know where im going
HopefullyInLawSchool
15:00
or like top 3
15:07
somebody make it make SENSEEEEEEE
15:07
how do i make this cycle mine i have same lsat and hgiher gpa
texaslawhopefully
15:08
I'm hoping on Monday I know where I'm going
congrats
any A's glove?
15:10
nada
15:11
my apps havent even been cracked open yet
when did u apply
15:11
beginning of decemeber so i wasnt expecting anything yet
oh fair. temple moves slow af over break
we get our grades so freaking late
15:11
yea ripppp
my crim prof gave us an assignment due over break. no feel
1a2b3c4d26z
15:37
hello everyone
HopefullyInLawSchool
15:38
hello
Hoping to get into a couple T-190s today
or T-200s
texaslawhopefully
16:10
Did y’all see Harvard released an updated timeline
HopefullyInLawSchool
16:11
ya
16:16
not jan 6th lol
Hey texaslawhopefully! Looks like I’m your stats twin (also a KJD) and we applied to a lot of the same schools. I’d love to connect on Reddit if you wanna talk about how the cycle is going. My username is Mainelawgirl, feel free to DM.
Dkk
16:51
Where is the updated timeline? I see the original one on Harvard's website still.
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