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LSDefine

Simple English definitions for legal terms

trust legacy

Read a random definition: Thirteenth Amendment

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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[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
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