US Legal Forms
Pot Testamentary Trust

Testamentary Trust

Name: Pot Testamentary Trust
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.62 (393 reviews)

Category:

Trusts - Testamentary

State:

Multi-State

Control #:

US-13229BG

Format:

Instant download

Description

A Pot Testamentary Trust is a testamentary trust set up for more than one beneficiary, typically children. The purpose of a Pot Testamentary Trust is to keep the funds in one pot until a later event. For example, at the death of the parents, the assets may be kept in one pot until all the children have graduated from college or reached age 21.

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FAQ

The adult pays the top marginal tax rate on their non-inheritance income. the beneficiaries of the testamentary trust include three. the low income rebate applies to the distributions to minors and.

Once the pot trust terminates, the remaining balance could be distributed outright or in further trust. If there is no Pot Trust, the assets could be distributed outright to the beneficiaries or held in some type of trust.

While the primary purpose of most living trusts is to avoid probate, testamentary trusts, unlike living trusts, do not avoid probate. A will must go through probate before the testamentary trust is created. The executor will probate the will and create the trust in the process.

A pot trust or family pot trust is one in which the beneficiaries are children and the trustee has discretion over how to spend money on each child, based on each child's specific needs. Family assets are generally made available to whatever child needs them.

The Trusts can also provide tax benefits, in particular to beneficiaries who are minors. However, before setting up a Testamentary Trust, the cost of the Trust should be considered. Firstly, to draft a Testamentary Trust, the legal fees would be anywhere between $2,000.00 to $5,000.00 or above per Will.

A testamentary trust will can give your family asset protection for their inheritance by having distributions of income and capital done in a way that takes into account the potential beneficiaries' changing needs and therefore minimising the ability creditors to identify those assets as belonging to particular

The major advantage of a testamentary trust is that the grantor retains control over his or her assets. Because a testamentary trust becomes effective only upon the grantor's death, the grantor may make changes to its terms any time before death.

Testamentary Trust

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