Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

pot trust

Read a random definition: Cinque Ports

A quick definition of pot trust:

A pot trust is a special type of trust that parents create for their children in case something happens to them before their children finish college. The trust allows the trustee to give money to the children based on their needs, like medical bills or college tuition. This means that one child might get more money than another child from the trust. However, it's important to choose the right trustee and make sure the parents' intentions are clear. The trust usually doesn't end until the youngest child turns 18 or another age set by the trust, so older children might not be able to access the money until later in life unless the trust allows for it.

A more thorough explanation:

Pot Trust

A pot trust is a type of trust created by parents for their children, usually in case something were to happen to them before the children make it through college. The trustee is allowed to give funds to the beneficiaries according to their relative needs. Unlike many trusts where the trustee must follow strict instructions from the creator of the trust, pot trusts allow parents to grant almost unlimited flexibility for the trustee to give funds to their children as needed, sometimes only to one beneficiary. Pot trusts have great advantages for flexibly allocating trust assets, but they come with the disadvantage of possibly allowing a trustee to manage the trust against the interests of the trust creator. Given the level of discretion given to the trustee, it is extremely important to choose the right trustee and define the intentions of the parents. Also, the trust typically does not end until the youngest child reaches the age of 18 or another age set by the trust. So, older children who might need the money in the trust might not be able to access it until late in life unless the trust specifically allows for older children to receive a portion of their share for expenses like buying a home.

Parents may want their children to receive different amounts from the trust as expenses arise such as medical bills or college tuition. For example, if one child is attending an expensive private university, they may need more money from the trust than a sibling attending a less expensive public university. Pot trusts allow the trustee to allocate funds accordingly.

Another example is if one child has a medical emergency and requires expensive treatment, the trustee can use funds from the trust to pay for the medical bills without having to follow strict instructions from the trust creator.

These examples illustrate how pot trusts allow for flexibility in allocating trust assets based on the needs of the beneficiaries, rather than following strict instructions from the trust creator. This can be especially helpful in situations where unexpected expenses arise, such as medical emergencies or changes in educational plans.

pot | pour-over will

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
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.
LSD+ is ad-free, with DMs, discounts, case briefs & more.