Frequently Asked Questions

How is a condition precedent used in trusts and wills?

A condition precedent is a legal term used in contracts, including trusts and wills, to denote a specific event or action that must occur before the contract becomes effective. In the context of trusts and wills, a condition precedent is often used to stipulate certain requirements that must be met before an inheritance is transferred. For instance, a will might include a condition precedent that the beneficiary must reach a certain age or complete a college degree before they can receive their inheritance. This mechanism allows the person creating the will or trust to exert some control over the timing or circumstances of the inheritance. It's a way of ensuring that the inheritance is used or distributed in a manner that aligns with their wishes or values. For example, a parent might include a condition precedent in their will requiring their child to graduate from college before receiving their inheritance, as a way of encouraging the child to pursue higher education. However, it's important to note that any condition precedent included in a will or trust must be legal. If a condition precedent requires illegal actions, the will or trust would not be valid. Therefore, when drafting a will or trust, it's crucial to consult with a legal professional to ensure that any conditions precedent are legally sound and enforceable.