Testamentary Statement With A Trust
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 main benefit of a testamentary trust is that a trustee manages the assets in the trust for the life of the trust. That can mean that a trustee manages and distributes funds for years to come. This type of setup will work well for: Managing very specific assets, such as real property or family heirlooms.
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.
For example, a trust provision may stipulate that upon the death of the grantor, if all her children are over the age of 30, the trust assets are to be distributed equally amongst them, while if some are under the age of 30, then the trust does not terminate until the youngest reaches that age.
These include the complex and time-consuming probate process, limited privacy, potential increased costs and the lack of flexibility compared to living trusts. Understanding these drawbacks is crucial in determining whether a testamentary trust aligns with an individual's unique estate planning goals and requirements.