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A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
A testamentary trust is created after the individual has passed according to their wishes outlined in their will and testament; these terms can be changed. An irrevocable trust, however, cannot be ...
Exordium clause is the first paragraph or sentence in a will and testament, in which the testator identifies himself or herself, states a legal domicile, and revokes any prior wills. Inheritor – a beneficiary in a succession, testate or intestate.
The trust instrument must be either in existence at the time when the will with the pour-over clause is executed, or executed concurrently with the will to be a valid pour-over gift. However, the trust need not be funded inter vivos. The pour-over clause protects property not previously placed in a trust by pouring it into the previously ...
An inheritance trust – also known as a family or testamentary trust – is a legal arrangement designed to manage and protect assets for the benefit of heirs or beneficiaries after the grantor ...
It is a trust that qualifies for the marital deduction, provided that the surviving spouse is given the income at least annually and the surviving spouse has a general power of appointment over the trust property remaining at his death. Most general powers of appointment are exercisable under a will. The holder of the power refers to the ...