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Simple English definitions for legal terms

will substitutes

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A quick definition of will substitutes:

Will substitutes are like a special kind of will that gives someone your things when you die, but they don't get to use or enjoy them while you're still alive. The difference is that with a will substitute, the person gets ownership of your things before you die, so they don't have to go through a special court process called probate.

A more thorough explanation:

Will substitutes are legal documents that function similarly to a will. They allow the designated beneficiary to receive assets upon the death of the donor, but unlike a will, the beneficiary does not receive any benefits during the donor's lifetime. The main difference between a will and a will substitute is that the title of the asset is transferred to the beneficiary during the donor's lifetime, which means that the asset does not have to go through probate court.

  • Revocable Living Trust: A trust is a common type of will substitute. The donor transfers ownership of their assets to the trust, and the designated beneficiary receives the assets upon the donor's death. The donor can change or revoke the trust at any time during their lifetime.
  • Payable-on-Death (POD) Accounts: A POD account is a bank account that designates a beneficiary to receive the funds upon the account holder's death. The beneficiary has no access to the funds during the account holder's lifetime.
  • Transfer-on-Death (TOD) Deeds: A TOD deed is a legal document that designates a beneficiary to receive a piece of real estate upon the owner's death. The beneficiary has no ownership or access to the property during the owner's lifetime.

These examples illustrate how will substitutes work. In each case, the beneficiary receives the asset upon the donor's death, but does not have any ownership or access to the asset during the donor's lifetime. This allows the asset to avoid probate court and be transferred directly to the beneficiary.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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