Legal Definitions - trust legacy

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.