Crummey letter

Definition of "Crummey letter"
  1. A communication sent by the controller of a trust, known as a Crummey trust, to inform the benefactor that they have a specified period within which they can retrieve funds
How to use "Crummey letter" in a sentence
  1. Upon receiving the Crummey letter, the beneficiary decided to withdraw funds from the trust.
  2. The trustee ensured a Crummey letter was sent promptly after the deposit, giving the beneficiary the option to take immediate possession of the funds.
  3. He was advised to be on the lookout for a Crummey letter indicating his rights to the funds in the trust.

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