Testamentary Trust Document For Estate
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
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.
A testamentary trust is a trust that is to contain a portion or all of a decedent's assets outlined within a person's last will and testament. A testamentary trust is not established until after the person passes away in which the executor or executrix settles the estate as outlined in the will.
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.
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.
Disadvantages of a Testamentary Trust Lack of Privacy: Testamentary trusts are part of a person's will, which becomes public record upon their death. This means that the details of the trust and its beneficiaries are accessible to the public.