A testamentary trust is a trust in which the trust property is bequeathed or devised by will to the trustee for the benefit of the beneficiaries. 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 give validity to the instrument and make it eligible to be probated. A valid testamentary trust is created only when the will attempting to create it complies with the formalities of the state's statutes covering wills. An instrument will be denied probate where it fails to conform at least substantially to the controlling statutory provisions governing the execution of wills.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Kansas Testamentary Trust Provision refers to a specific provision in a testamentary trust created under Kansas law. This provision entails holding stock or other assets in trust for a grandchild, with the condition that no distributions from the trust will be made until the grandchild reaches a certain age. The purpose of this provision is to ensure that the grandchild's inheritance is protected and managed responsibly until they reach a specified level of maturity or financial independence. By placing the stock in trust, it safeguards the asset from potentially irresponsible spending or mismanagement. Several types of Kansas Testamentary Trust Provision with Stock to be Held in Trust for Grandchild and no Distributions to be Made until a Certain Age is Reached can be established based on the specific goals and circumstances of the granter: 1. Age-Restricted Trust: This type of provision sets a specific age at which the grandchild becomes eligible to receive distributions from the trust. For example, the provision may state that the grandchild cannot access the trust until they reach the age of 25. 2. Graduated Distribution Trust: This provision establishes a gradual distribution schedule, allowing the grandchild to receive a portion of the trust assets at different stages of their life. For instance, the provision might stipulate that the grandchild can access 25% of the trust at age 25, 50% at age 30, and the remaining 25% at age 35. 3. Education-Focused Trust: In this type of provision, the distributions from the trust are specifically designated for educational purposes only. It ensures that the grandchild's inheritance is primarily used to fund their higher education or vocational training. 4. Special Needs Trust: If the grandchild has special needs or requires long-term care, this provision can establish a supplemental needs trust to ensure their financial security while still preserving their eligibility for government benefits. The Kansas Testamentary Trust Provision with Stock to be Held in Trust for Grandchild and no Distributions to be Made until a Certain Age is Reached allows the granter to pass on their wealth to future generations while maintaining control over its use and ensuring that the grandchild receives their inheritance at a responsible age or for a specific purpose.
