Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

• Bypass trust: a trust which creates a life estate for a beneficiary with the trust principal going to a final beneficiary when the life beneficiary dies. For example, money may be left for a child, with the child’s parent as the life beneficiary. The parent may, according to the terms of the trust, use the income and/or property during his or her life, with the principal going to the child when the parent dies.