Kansas Testamentary Trust Provision for the Establishment of a Trust for a Charitable Institution for the Care and Treatment of Disabled Children
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How to fill out Testamentary Trust Provision For The Establishment Of A Trust For A Charitable Institution For The Care And Treatment Of Disabled Children?
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FAQ
A trust can stipulate, for example, that until age 25, the trust assets are held for the benefit of the beneficiary but that he is not automatically entitled to any distributions unless the trustee believes that a distribution is advisable. At age 25, the beneficiary becomes entitled to one third of the trust assets.
Living trusts and testamentary trustsA living trust (sometimes called an inter vivos trust) is one created by the grantor during his or her lifetime, while a testamentary trust is a trust created by the grantor's will.
Testamentary trusts are discretionary trusts established in Wills, that allow the trustees of each trust to decide, from time to time, which of the nominated beneficiaries (if any) may receive the benefit of the distributions from that trust for any given period.
For a valid trust to be created the founder must intend to create one, he must express his intention in a mode apt to create an obligation, the property subject to the trust must be defined with reasonable certainty, the trust object, which may either be personal or impersonal must be defined with reasonable certainty
There are five key elements of trust that drive our philosophy:Reliability: Being reliable creates trust.Honesty: Telling the truth creates trust.Good Will: Acting in good faith creates trust.Competency: Doing your job well creates trust.Open: Being vulnerable creates trust.
All trusts are required to contain at least the following elements:Trusts must identify the grantor, trustee and beneficiary. The grantor and trustee must be identified because they are parties to the contract.The trust res must be identified.The trust must contain the signature of both the grantor and the trustee.
A testamentary trust is a trust contained in a last will and testament. It provides for the distribution of all or part of an estate and often proceeds from a life insurance policy held on the person establishing the trust. There may be more than one testamentary trust per will.
One of the drawbacks of a testamentary trust is the considerable responsibility it puts on the trustee. He must meet regularly with the probate court to demonstrate his safe handling of the trust, and depending on your wishes, his tasks may go on for many years.
Testamentary Trusts are taxed as a whole, though beneficiaries will not be forced to pay taxes on distributions from the Trust. Note that you could be responsible for the capital gains tax, depending on your state.
