Frequently Asked Questions

What are some examples of condition precedents that can be added to a will or trust?

Condition precedents are stipulations in a contract that must be fulfilled before the contract can take effect. They are often used in various types of contracts, including wills and trusts. For instance, a relative may add a condition precedent to their will stating that a young heir must complete a college degree before receiving their inheritance. This means that the inheritance will only be transferred after the specific event (completion of a college degree) has taken place. Another example of a condition precedent that can be added to a will or trust is requiring the heir to reach a certain age before receiving their inheritance. This is a common stipulation, especially when the heir is still a minor at the time the will or trust is created. The purpose of this condition precedent is to ensure that the heir is mature enough to manage the inheritance responsibly. A third example is requiring the heir to get married before the trust will be executed. This condition precedent is less common but can be used in certain situations where the person creating the will or trust wants to ensure that the heir has a stable family situation before receiving the inheritance.