Legal Jargon Confusion
 

If this is the wrong forum please move it; if it's not even supposed to be here period, my apologies in advance.. thanks.

I'm a little confused about some legal wording in a trust which was left to me. Perhaps someone can clarify? Not looking for legal advice or anything of that matter. I know to go to a lawyer for that.

First, what is a "division date?" Is this the date of which a person would have access to a trust?

In what I read, part of the wording goes, " (if I'm living) upon the division date, then commencing with the last to occur of the division date or my 33rd birthday" then I'll have access to withdraw from this trust.

I underlined the part that's confusing me.

Thanks in advance if anyone can help me understand this.

I checked a free legal dictionary for division date and the term wasnt found... but... somewhere in the trust paperwork, there should be a reference to a division date...

Sometimes, with trusts, the trust becomes yours on a specific birthday (in this case, your 33rd) or some other event happens before that time- ie marriage, death of another person, college graduation... it could really be any event...

I'm no help.. sorry :(

It's cool, thanks for your effort mal :)

Using google search on ["division date" trust]

http://www.google.com/search?sourcei...+date%22+trust

it seems division date is the day that the property or money will be divided.

Well I guess now I have to find out when the division date is . . . or was?

Thanks :)

You nailed it. The division date should be defined in the trust (if they capitalized the term, then they should have specifically defined it somewhere, either in a definition section or in quotes somewhere)

As for the language, the idea is that the money is available on either the division date or your 33rd birthday, whichever is later.

Well, I'll read it over again, but I don't recall seeing a specific date.

And geez, 33? who chooses THAT random number?!

"With the last to occur of the division date" sounds like a proviso that something has happened -- a lot of times this is in trusts for finishing college.. in which case the "last to occur of the division date" is the graduation date. Mind if I ask the sentence before and after this one? Context clues should specify more easily what is meant..

Good point, and something I should have mentioned. The "division date" will not be defined as a specific date (e.g., May 3rd, 2004). It is a variable, so is likely to be defined based on when something occurs, if it ever does.

And as JinnKai pointed out, the clause really acts to make sure you don't get the money unless whatever triggers the division date has occured.

Observe:

if division date happens before your 33rd birthday, then you get it on your 33rd birthday

if division date hasn't happened by your 33rd birthday, you need to wait until it does.


Here's a blind guess - perhaps "division date" was meant to signify the date you separate from your family? (e.g., move out of the house, get a job, whatever) It makes a certain amount of sense - you don't get the money if you are still living off your parents.

Agree that the 33rd birthday seems a bit arbitrary, but they might have been shooting for "some age when you are too old to go and blow this money on beer"

My parents have some similar language in their living trust i believeI have to be over like 35 before i get anything from the trust.

I can get it tomorrow for ya and let you know what the before and after says.