Get Testamentary Trust Provision With Stock To Held In Trust For Grandchild And No Distributions To Be

Filling out a testamentary trust provision can be an important step in ensuring your financial legacy is preserved for your loved ones. This guide will provide clear, step-by-step instructions on how to fill out the testamentary trust provision with stock designated for your grandchild, emphasizing the specific components and considerations involved.

Follow the steps to successfully complete the testamentary trust provision form.

1. Click 'Get Form' button to obtain the form and open it in the editor.
2. In the first section, enter the name of your granddaughter in the space provided. Specify the number of shares of stock you are bequeathing to her, and identify whether these shares are common or preferred. Then, indicate the company's name that issues this stock and the state where the corporation is organized.
3. Provide the name of the trustee responsible for managing the stock. Ensure you also include their complete address, including the street address, city, county, state, and zip code.
4. State that all dividends generated from the stock will be reinvested and that there will be no distributions until your grandchild reaches the age of fifty. Make clear provisions regarding the trust's termination in case of violations against perpetuities.
5. If your granddaughter passes away before the trust's termination, specify the names of any surviving grandchildren who will inherit the trust assets after twenty years. Include a clause to cover situations where any of those grandchildren predecease your granddaughter.
6. In the next section, outline the trustee's powers, including the authority to invest dividends and manage the trust's assets without requiring court approval. Mention the reference to the 'Uniform Trustees' Powers Act' applicable in your state.
7. Clarify that neither the trust's principal nor its income are liable for any beneficiary's debts, ensuring the trust remains intact for the intended beneficiaries.
8. Indicate how compensation for the trustee will be structured, affirming that no bonding is required and specifying the process for the trustee's resignation and succession if necessary.
9. Once all sections are appropriately filled out and reviewed, you will have the option to save changes, download the document, print it, or share it as necessary.

Start completing your testamentary trust provision online today.