Define: Lives In Being

The “lives in being” concept refers to the period of time during which a person who is currently alive and identifiable exists. This concept is often used in legal documents and trusts to determine the duration of certain rights or interests.

In estate planning, the “lives in being” concept is used to determine the duration of a trust or other legal instrument. For example, a trust may be set up to last for the lifetime of a specific individual, plus a certain number of years after their death.

Yes, the “lives in being” concept can be used to extend the duration of a trust by including provisions for the trust to continue for the lifetime of additional individuals who are alive and identifiable at the time the trust is created.

There may be limitations on using the “lives in being” concept, depending on the specific laws and regulations in a particular jurisdiction. It’s important to consult with a legal professional to ensure that the use of this concept complies with all applicable laws.

The “lives in being” concept can impact property rights by determining the duration of certain interests in property. For example, a property may be held in trust for the lifetime of a specific individual, plus a certain number of years after their death.

Yes, the “lives in being” concept can be used in business contracts to determine the duration of certain rights or obligations. For example, a contract may specify that it will remain in effect for the lifetime of a specific individual, plus a certain number of years after their death.

If all the “lives in being” identified in a legal document pass away, the document may specify what happens next. For example, the document may provide for the distribution of property to certain beneficiaries or the termination of a trust.

In some cases, the “lives in being” concept can be used to perpetuate a trust indefinitely by including provisions for the trust to continue for the lifetime of individuals who are alive and identifiable at the time the trust is created, plus additional individuals who come into existence in the future.

Yes, there are alternative methods for determining the duration of legal rights or interests, such as using a specific number of years or a certain event as the triggering mechanism for the termination of a trust or other legal instrument.

To ensure that the “lives in being” concept is properly implemented in your legal documents, it’s important to work with a qualified legal professional who can help you draft and review the documents to ensure that they accurately reflect your intentions and comply with all applicable laws.