West Virginia Pot Testamentary Trust
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How to fill out Pot Testamentary Trust?
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FAQ
NOTARY REQUIREMENTSThere is no requirement for a will to be notarized in West Virginia, unless the will contains a self-proving affidavit. The self-proving affidavit must be notarized (W. Va. Code § 41-5-15).
Making a living trust in West Virginia consists of six primary steps:Decide which type of trust is best for you.Assess your property.Name a trustee.Create the document.Sign the trust in front of a notary public.Fund the trust by transferring your assets into it.
Example of a Testamentary Trust in a WillYou specified that upon your death, Bob will manage your assets for the benefit of your daughter until she reaches the age of 21. You want Bob to be in charge of giving your daughter monthly income for education and expenses.
To name a special needs trust as a beneficiary, use the name of the trustee and the full legal name of the trust as beneficiary: For example: Chris Lee as the trustee of The Pat Lee Special Needs Trust"
To create a testamentary trust, the settlor first must select the trustee and the beneficiary and specify the assets that are to be placed in trust. The settlor also has the ability to specify when and how to disburse the trust to the beneficiary. The last will and testament should detail all of this information.
Naming Your Testamentary TrustThe name of the trust (this must be listed first);The words created in my last will and Testament' (do not include a date created);The name of the trustee, followed by the word trustee;The trustee's address and phone number.
Most beneficiary designations will require you to provide a person's full legal name and their relationship to you (spouse, child, mother, etc.). Some beneficiary designations also include information like mailing address, email, phone number, date of birth and Social Security number.
(b) a testamentary trust derives from a valid will of a deceased....There are no fees involved and the deceased's last will serves as the trust document.Application form (J401)Completed Acceptance of Trusteeship (J417) and Acceptance of Auditor Application (J405) forms.Beneficiary Declaration (J450)
The trust can also be used to reduce estate tax liabilities and ensure professional management of the assets. A disadvantage of a testamentary trust is that it does not avoid probatethe legal process of distributing assets through the court.
