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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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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
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@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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