12:04
my mom is coming up to ithaca to bring me thanksgiving food :)
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LSDefine
Simple English definitions for legal terms
Trust Beneficiary
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A quick definition of Trust Beneficiary:
A trust beneficiary is someone who benefits from a trust. A trust is like a special box that holds things like money or property. The trustee is the person who takes care of the box and makes sure everything is safe. The beneficiary is the person who gets to use or receive the things inside the box. It's like having a piggy bank that someone else takes care of for you, but you get to use the money inside when you need it.
A more thorough explanation:
Definition: The trust beneficiary is the person or entity that benefits from the assets held in a trust. The trustee holds the title to the trust property for the benefit of the beneficiary.
Example: John creates a trust and names his daughter, Sarah, as the beneficiary. The trust holds John's assets, such as his house and investments. Sarah will receive the benefits of these assets, such as rental income from the house and dividends from the investments, as determined by the terms of the trust.
Explanation: In this example, Sarah is the trust beneficiary because she is the person who benefits from the assets held in the trust. The trustee, who is responsible for managing the trust assets, holds the title to the assets for Sarah's benefit. The terms of the trust dictate how and when Sarah will receive the benefits of the assets.