Sample Testamentary Trust Document With Trustee
Description
How to fill out Testamentary Trust Provision In Will With Spouse To Receive A Life Estate In Farm Land With Remainder Interest In Land To Pass To Trust For The Benefit Of Children?
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FAQ
It is a trust structure that is often used to protect family assets by having greater control over management and distributions of the deceased estate to beneficiaries. It is crucial that the planning and appointing process of the trustee is well governed.
The trustee follows the instructions in the will about when and who to distribute assets to. They can distribute money or interest to any beneficiary at any time in line with these instructions. Sometimes the will leaves it up to the trustee to decide when and how to use and distribute the assets.
Testamentary trust example Let's say you're planning your estate and have $100,000 you want to leave to your young child. You create instructions for a testamentary trust to be established after your death and choose your best friend as the testamentary trustee.
Of or relating to a will or testament. Often used to denote that something was provided for, appointed by or created by a will.
Sample Wording for a Testamentary Trust Will "All property left to Johnny Doe in this will shall be held in a separate trust for Johnny Doe until he reaches the age of twenty five and shall only devolve upon him at that time.