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Simple English definitions for legal terms

trust instrument

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A quick definition of trust instrument:

A trust instrument is a written agreement that explains how a person's property will be distributed to their beneficiaries. The person who creates the trust is called the settlor, and they can change or cancel the trust at any time. The trust must have a beneficiary, a trustee to manage the property, and property that is legally owned by the settlor. The trust instrument must follow certain formalities to be valid, such as being in writing and signed by the settlor. There are different types of trust instruments, including those created while the settlor is alive (inter vivos), those created through a will (testamentary), and those that can be changed or cancelled (revocable) or cannot be changed or cancelled (irrevocable).

A more thorough explanation:

A trust instrument is a legal document that outlines how a person's property will be distributed to their beneficiaries. It is created by the person who owns the property, called the settlor, and can be changed or cancelled by the settlor at any time. The trust instrument must be recognized by a legal authority to be valid.

  • Beneficiary: The person or organization who will receive the property from the trust.
  • Settlor: The person who creates the trust and owns the property.
  • Trustee: The person who manages the trust and distributes the property to the beneficiaries.
  • Property: The property that is being placed in the trust.
  • Formality: The legal requirements that must be met for the trust instrument to be valid.

There are different types of trust instruments:

  • Inter Vivo Trust: Created while the settlor is alive.
  • Testamentary Trust: Created through the terms of a settlor's will and goes into effect after their death.
  • Revocable Trust: Can be changed or cancelled by the settlor at any time.
  • Irrevocable Trust: Cannot be changed or cancelled by the settlor once it is created.

For example, if a person creates a revocable trust instrument and later decides to change the beneficiaries, they can do so. However, if they create an irrevocable trust instrument, they cannot change the beneficiaries once it is created.

Overall, a trust instrument is an important legal document that helps ensure a person's property is distributed according to their wishes. It is important to understand the different types of trust instruments and their requirements to create a valid trust.

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soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
9:42
My name is renard99 and I just sent @babycat feet pics
glovediedthisishismom
9:42
nobody is at the office today they should let little glovey go home and watch harry potter
Dkk
9:49
Lmfao, Gross
Dkk
9:49
@glovediedthisishismom: Watch it at the office!
Dkk
9:50
Proton vpn and https://en.solarmovie-official.lol/
let little glovey go home!
babycat
9:55
it’s true he sent me feet pics (unsolicited!)
babycat
9:56
poor little glovey
babycat
9:56
it’s illegal to make you work on a snow day
BulbasaurNoLikeCardio
9:57
Free feet pics sounds like you saved some money
snow
9:59
wish it was snowing in texas rn
Dkk
9:59
Man, hate this conversation cus it just reminds me of the gay guy that used to always ask me for them.
BulbasaurNoLikeCardio
9:59
That cold snap that hit texas is heaven though, opening windows in the house and using the fireplace
snow
10:00
it really is bulb. it was hot as hell for the longest time
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