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LSDefine

Simple English definitions for legal terms

property control trust

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A quick definition of property control trust:

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 more thorough explanation:

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:

  • Special Needs Trusts: These trusts are designed to help individuals with special physical, emotional, or other needs. The trust can provide for their care and support without affecting their eligibility for government benefits.
  • Spendthrift Trusts: These trusts are created to prevent beneficiaries from wasting the trust principal. The trustee has control over the distribution of funds, and the beneficiary cannot access the funds directly.
  • Sprinkling Trusts: These trusts allow the trustee to decide how to distribute trust income or principal among the beneficiaries. The trustee can distribute the funds based on the needs of each beneficiary.

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.

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Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
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