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A good rule of thumb regarding safe use of equipment includes:
Legal Capacity
Refers to the ability of an individual or entity to enter into legally binding contracts, recognizing their rights and responsibilities.
Testamentary Trust
A trust that is created by a will and comes into effect upon the death of the person who created the will, distributing assets according to the will's provisions.
Inter Vivos Trust
A trust created during the lifetime of the grantor, allowing for the management and distribution of assets before death.
Spendthrift Trust
A legal arrangement that restricts the beneficiary's ability to access the trust capital directly, thus protecting the trust assets from creditors.
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