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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.

will execution ceremony | willful

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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
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
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