10:36
that would be more interesting
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LSDefine
Simple English definitions for legal terms
in-kind
Read a random definition: consumer goods
A quick definition of in-kind:
Term: In-kind
Definition: In-kind means giving things or services instead of money. This is often used in wills and trusts, where the person in charge can give property to the people who are supposed to get it.
A more thorough explanation:
Definition: In-kind refers to the distribution of goods or services instead of money. This is often used in wills and trusts, allowing the executor or trustee to give property to beneficiaries.
Example 1: A wealthy individual may leave instructions in their will to donate a portion of their estate in-kind to a charity, such as donating a piece of land or artwork instead of cash.
Example 2: A non-profit organization may receive in-kind donations of goods or services, such as a company donating office supplies or a lawyer offering pro-bono legal services.
These examples illustrate how in-kind can be used as an alternative to monetary donations or payments. Instead of giving money, individuals or organizations can give property, goods, or services to fulfill their obligations or support a cause.