Simple English definitions for legal terms
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A Property Control Trust is a type of trust that puts rules in place to control what the beneficiaries can do with the money or property they receive. There are different types of Property Control Trusts, including ones that help people with special needs, ones that stop beneficiaries from spending all the money at once, and ones that let the trustee decide how to divide the money among the beneficiaries.
A Property Control Trust is a type of trust that places limitations or controls on the rights of the beneficiaries. There are different types of Property Control Trusts, including:
For example, a special needs trust can be set up for a person with a disability to provide for their care and support. The trust can pay for medical expenses, therapy, and other needs without affecting their eligibility for government benefits. A spendthrift trust can be created for a beneficiary who has a history of poor financial decisions. The trustee can control the distribution of funds to ensure that the beneficiary does not waste the money. A sprinkling trust can be established to provide for multiple beneficiaries with different needs. The trustee can distribute the funds based on each beneficiary's needs.