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LSDefine

Simple English definitions for legal terms

trust legacy

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A quick definition of trust legacy:

Trust Legacy: A gift that someone leaves behind in their will, usually money or personal property. It can be given without any conditions or requirements, or it can depend on certain events happening in the future. If the legacy is not paid out yet, it is called an accumulated legacy. If the person receiving the legacy can choose between two or more items, it is called an alternate legacy. If the legacy is paid out from a specific source, it is called a demonstrative legacy.

A more thorough explanation:

A trust legacy is a type of legacy that is created through a trust. A legacy is a gift that is given by a person through their will, usually of personal property or money. A trust legacy is a gift that is given through a trust, which is a legal arrangement where a person (the trustor) gives their assets to a trustee to manage for the benefit of another person (the beneficiary).

  • Revocable Trust Legacy: A person creates a revocable trust and names their child as the beneficiary. The trustor can change the terms of the trust or revoke it at any time during their lifetime. When the trustor dies, the child receives the assets in the trust as a legacy.
  • Irrevocable Trust Legacy: A person creates an irrevocable trust and names their favorite charity as the beneficiary. The trustor cannot change the terms of the trust or revoke it once it is created. When the trustor dies, the charity receives the assets in the trust as a legacy.

These examples illustrate how a trust legacy is created through a trust and how the assets in the trust are distributed to the beneficiary as a legacy.

trust indorsement | trust officer

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13:38
love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
14:17
How are the vibes heading into thanksgiving yall?
HopefullyInLawSchool
14:17
@Law-Guy Im feeling kinda happy I applied YM to UCI hoping it helps (:
Wanna give some head
soap
14:18
Cornell
14:19
@HopefullyinLawSchool What's YM?
14:19
oh no
HopefullyInLawSchool
14:19
you mom
WorthlessAttractiveZombie
14:19
Ouch
HopefullyInLawSchool
14:19
your*
14:19
I fear I realized too late
babycat
14:20
another victim claimed
concorde
14:22
pwned
14:22
Might have to send in addendums for that
Dkk
14:26
No wave, so sad.
WorthlessAttractiveZombie
14:28
What are the odds that berk releases later today?
babycat
14:28
@Dkk: And here I thought you were a prophet. Smh.
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