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.
Florida 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 In Florida, a Testamentary Trust Provision in a Will refers to a legal arrangement that allows for the creation of a trust upon the death of the testator (person making the will). This specific provision involves granting the surviving spouse a life estate in farm land, while the remainder interest in the land passes to a trust for the benefit of the children. This provision ensures that the surviving spouse can use and benefit from the farm land throughout their lifetime, while preserving the value of the land for the children's future inheritance. Keywords: Florida, Testamentary Trust Provision, Will, Spouse, Life Estate, Farm Land, Remainder Interest, Trust, Benefit of Children. There are various types of Florida Testamentary Trust Provisions in a 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. Some of these may include: 1. Simple Testamentary Trust: This type of provision establishes a straightforward trust arrangement where the surviving spouse receives a life estate in the farm land and the remaining interest is held in trust for the children's benefit. The trust assets may be managed and distributed to the children at specified intervals or upon certain conditions. 2. Discretionary Testamentary Trust: With this provision, the trustee is given discretionary powers to manage and distribute the trust assets for the benefit of the children. The surviving spouse receives a life estate in the farm land, but the trustee has the authority to make decisions regarding distributions based on the children's needs and circumstances. 3. Support Testamentary Trust: This type of provision aims to provide financial support for the surviving spouse and children. The surviving spouse is granted a life estate in the farm land, and the trustee is instructed to make distributions for the support and well-being of the spouse and children according to their needs. 4. Educational Testamentary Trust: This provision focuses on funding the education expenses of the children. The surviving spouse receives a life estate in the farm land, and the trust is specifically designed to provide funds for the children's education, including tuition fees, books, and other related expenses. 5. Charitable Testamentary Trust: In some cases, the testator may wish to include a charitable element in their estate plan. With this provision, the surviving spouse is granted a life estate in the farm land, and the remainder interest passes to a trust established for charitable purposes or organizations, ultimately benefiting the children indirectly through the advancement of the specified charitable cause. These different types of Testamentary Trust Provisions in a Will with a Spouse to Receive a Life Estate in Farm Land with Remainder Interest in Land to Pass to Trust for the Benefit of Children ensure that the surviving spouse is taken care of while safeguarding the farm land for the future benefit of the children.
