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.
A Pennsylvania Testamentary Trust Provision in a last will and testament enables a person to designate the creation of a trust after their death. This specific provision involves a spouse receiving a life estate in a farm land, while the remainder interest in the land is passed on to a trust for the benefit of the children. In Pennsylvania, there are different variations of Testamentary Trust Provisions where a spouse is granted a life estate in farm land. Some common types include: 1. Basic Testamentary Trust Provision: This provision outlines the creation of a trust upon the testator's death, with the primary purpose of providing for the surviving spouse's needs and allowing them to live on the farm land for the duration of their life through a life estate. After the spouse's death, the remaining interest in the land is then transferred to the trust for the benefit of the children. 2. Testamentary Trust Provision with Income for Spouse: In this type of provision, the spouse not only receives a life estate in the farm land but also receives income generated from the land during their lifetime. This income can be used to support the spouse's financial needs while they are residing on the property. After their death, the remainder interest in the land passes to the trust for the children's benefit. 3. Testamentary Trust Provision with Specific Instructions: This provision may include specific instructions regarding the management and use of the farm land during the spouse's life estate. It may outline certain restrictions, permissions, or provisions concerning farming activities, property maintenance, or potential development rights. These instructions help ensure the preservation and appropriate use of the land for future generations. 4. Testamentary Trust Provision with Distribution Terms: Some variations of this provision may include specific distribution terms for the trust assets after the surviving spouse's death. These terms may outline how the trust assets, including the farm land, are to be distributed among the children or other beneficiaries. It can specify equal distribution, percentage-based distribution, or any other desired method of dividing the assets. 5. Testamentary Trust Provision with Trustee Appointment: This type of provision designates a trustee who will oversee and manage the trust after the testator's death. The trustee is responsible for ensuring the proper administration of the trust, including managing the farm land and distributing income or assets as outlined in the provision. By incorporating a Pennsylvania Testamentary Trust Provision in a last will and testament, individuals can protect their farm land, provide for their surviving spouse, and secure the future for their children.
