13:13
i heard the group interview is really chill and I'm kinda excited to do it
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Simple English definitions for legal terms
trust distribution
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A quick definition of trust distribution:
Trust Distribution: When someone creates a trust, they put their money or property into it to be managed by a trustee for the benefit of a beneficiary. Trust distribution is when the trustee gives the beneficiary the money or property that belongs to them according to the terms of the trust. It's like getting a present from someone who wanted to make sure you were taken care of.
A more thorough explanation:
Definition: Trust distribution refers to the cash or other property that is paid or credited to a beneficiary of a trust.
Example: Let's say that John created a trust and named his daughter, Sarah, as the beneficiary. The trust holds $100,000 in cash and $50,000 in stocks. John's trust document specifies that Sarah is entitled to receive $10,000 in cash and $5,000 worth of stocks every year. This yearly payment to Sarah is an example of trust distribution.
Another example of trust distribution could be when a trust is set up to pay for a child's education. The trust may distribute funds to the child's school or directly to the child to cover tuition, books, and other expenses.
Overall, trust distribution refers to the process of distributing assets from a trust to its beneficiaries according to the terms of the trust document.