Testamentary Trust Document Without A Will
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
Testamentary Trusts must be set up within a Last Will and Testament, so they can be created following one's death.
During the transition, the beneficiaries are not the legal owners of the estate's assets. They are known as the ?beneficial owners.? This is a trust relationship. Once an estate is administered (all the bills are paid) the trustee ?vests? or transfers legal ownership of the assets to the beneficiaries.
A testamentary trust is provided for in a last will by the ?settlor,? who appoints a ?trustee? to manage the funds in the trust until the ?beneficiary,? or person receiving the money, takes over.
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.
Once a testamentary trust has been created, it becomes a taxable entity in its own right and is thus subject to income taxes. If it has $600 or more in annual income, it must file a U.S. Income Tax Return for Estates and Trusts (Form 1041) for that year.