Statutes in effect in the various jurisdictions prescribe certain formalities which must be observed in connection with the execution of a will in order to impart validity to the instrument and entitle it to probate. A valid testamentary trust is created only where the purported will attempting to create it complies with the formalities of the statute of wills. An instrument will be denied probate where it fails to conform at least substantially to the controlling provisions governing the execution of wills. Pertinent statutes should be consulted.
In general terms, a remainder interest refers to someone with a future interest in an asset. It may be a future interest in the estate created by a trust, a contingent interest when a life tenant surrenders a claim to the estate, or a vested interest that becomes effective at a specified future date. It is often created when a grantor leaves property to pass to a family member upon the grantor's death.
District of Columbia 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 A District of Columbia testamentary trust provision refers to a legal provision included in a will that outlines the distribution of property, particularly farm land, upon the death of the testator (person making the will). In this specific type of testamentary trust provision, the testator designates their spouse as the beneficiary of a life estate in the farm land while ensuring the children's future interests are protected by passing the remainder interest in the land to a trust. Keywords: District of Columbia, testamentary trust provision, will, spouse, life estate, farm land, remainder interest, trust, children. Different types of District of Columbia testamentary trust provisions in wills in regard to spouse's life estate and children's remainder interest in farm land may include: 1. Conditional Testamentary Trust Provision: This provision would specify certain conditions or requirements that the spouse must meet in order to receive the life estate. These conditions may include remarriage restrictions, residency provisions, or financial management guidelines. 2. Power of Appointment Testamentary Trust Provision: This provision allows the testator to grant the surviving spouse the power to decide how the trust assets will be distributed among the children. The surviving spouse can exercise this power during their lifetime or decide to pass it on to one or more of the children upon their death. 3. Trustee Designation Testamentary Trust Provision: In this provision, the testator specifies who will be responsible for managing the trust and ensuring its proper administration. The chosen trustee will have the legal duty to handle the farmland, collect income generated from it, and distribute it to the surviving spouse and children according to the terms of the trust. 4. Spendthrift Testamentary Trust Provision: This type of provision includes a restriction on the beneficiary's ability to transfer or sell their interest in the trust. It aims to protect the children's remainder interest from potential creditors or the spouse's mismanagement by preventing outright sale or transfer of the farm land without proper authorization. These different types of testamentary trust provisions can be tailored to meet the specific needs and wishes of the testator, their spouse, and their children, creating a secure and efficient plan for the distribution of farm land assets in the District of Columbia.
