Testamentary Trusts Explained With Examples

• Category: Trusts - Testamentary
• State: Multi-State
• Control #: US-0462BG
• Format: Word; Rich Text

Description

Testamentary trusts are legal instruments established under a will that provide for the management of trust assets after an individual's death. In this document, a Testamentary Trust of the Residue of an Estate is created for the benefit of the testator's wife, allowing for income distribution during her lifetime, with provisions for supporting their children thereafter. Key features include the trustee's discretion to manage trust assets, the ability to pay for the beneficiaries' support, and the rules for distributing remaining trust property if certain beneficiaries are no longer alive. For instance, if the wife survives the testator, she receives income from the trust, and upon her passing, provisions dictate how remaining assets will be distributed to children, contingent on their age. This form is useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides clear instructions for creation and administration, ensuring compliance with state laws while safeguarding beneficiaries' interests. Legal professionals can utilize this form to facilitate estate planning discussions, ensuring clients understand the implications of establishing a testamentary trust.