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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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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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