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.
A New York Testamentary Trust Provision with Stock to be Held in Trust for a Grandchild and no Distributions to be Made until a Certain Age is Reached is a specific clause within a will that outlines the terms and conditions for the creation and administration of a trust for the benefit of a grandchild. This provision specifies that certain stocks or securities will be transferred to the trust upon the testator's death, and until the grandchild reaches a specified age, no distributions can be made from the trust. The purpose of such a provision is to ensure the financial security of the grandchild while also protecting the assets from potential mismanagement or squandering. By holding the stocks in trust, the grandchild can benefit from any potential growth or dividends generated by the underlying securities. There may be different variations of this testamentary trust provision, depending on the specific needs and preferences of the testator. Some possible variations include naming a specific age at which distributions can be made, such as 18, 21, or even older. Other variations could involve allowing for limited distributions before reaching the specified age, such as for educational expenses or medical emergencies. Additionally, the provision may also outline the powers and duties of the trustee, who is responsible for managing the trust and making investment decisions in the best interest of the grandchild. The trustee may be a family member, a trusted friend, or a professional trustee depending on the circumstances. The provision may also include instructions on how the trust will terminate, such as upon the grandchild's death or upon reaching a certain milestone, such as completing higher education. Overall, a New York Testamentary Trust Provision with Stock to be Held in Trust for a Grandchild and no Distributions to be Made until a Certain Age is Reached is a valuable tool for providing for the financial well-being of a grandchild while maintaining control and ensuring responsible use of the assets.
