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.
Bronx New York Testamentary Trust Provision in Will with Spouse to Receive a Life Estate in Farm Land with Remainder Interest in Land to Pass to Trust for the Benefit of Children is a specific type of trust provision that is commonly used in estate planning in the Bronx, New York area. This provision allows for the creation of a trust upon the death of the granter, with the spouse receiving a life estate in the farm land and the remainder interest in the land passing to a trust for the benefit of the children. This testamentary trust provision offers several benefits, including providing financial security for the surviving spouse while ensuring that the farm land remains within the family for future generations. Here are some aspects related to this provision: 1. Life Estate: The surviving spouse is granted a life estate in the farm land. This means that they have the right to live on and use the property during their lifetime, including any income generated from the land. 2. Remainder Interest: The remainder interest in the land passes to a trust upon the death of the spouse. A remainder interest is the future interest in the property that takes effect after the life estate ends. In this case, it is held in trust for the benefit of the children. 3. Trust for the Benefit of Children: The trust created for the benefit of the children holds the remainder interest in the land. It is managed by a trustee, who is responsible for administering the trust according to the terms set forth in the will. The trust ensures that the children will have access to the income and assets from the farm land, providing for their financial needs and potentially preserving the family legacy. While the term "Bronx New York Testamentary Trust Provision in Will with Spouse to Receive a Life Estate in Farm Land with Remainder Interest in Land to Pass to Trust for the Benefit of Children" describes the general concept, there may be variations or additional provisions that can be incorporated into this provision depending on individual circumstances. It's important to consult with an experienced estate planning attorney in the Bronx, New York area to tailor the trust provision to your specific needs and goals.Bronx New York Testamentary Trust Provision in Will with Spouse to Receive a Life Estate in Farm Land with Remainder Interest in Land to Pass to Trust for the Benefit of Children is a specific type of trust provision that is commonly used in estate planning in the Bronx, New York area. This provision allows for the creation of a trust upon the death of the granter, with the spouse receiving a life estate in the farm land and the remainder interest in the land passing to a trust for the benefit of the children. This testamentary trust provision offers several benefits, including providing financial security for the surviving spouse while ensuring that the farm land remains within the family for future generations. Here are some aspects related to this provision: 1. Life Estate: The surviving spouse is granted a life estate in the farm land. This means that they have the right to live on and use the property during their lifetime, including any income generated from the land. 2. Remainder Interest: The remainder interest in the land passes to a trust upon the death of the spouse. A remainder interest is the future interest in the property that takes effect after the life estate ends. In this case, it is held in trust for the benefit of the children. 3. Trust for the Benefit of Children: The trust created for the benefit of the children holds the remainder interest in the land. It is managed by a trustee, who is responsible for administering the trust according to the terms set forth in the will. The trust ensures that the children will have access to the income and assets from the farm land, providing for their financial needs and potentially preserving the family legacy. While the term "Bronx New York Testamentary Trust Provision in Will with Spouse to Receive a Life Estate in Farm Land with Remainder Interest in Land to Pass to Trust for the Benefit of Children" describes the general concept, there may be variations or additional provisions that can be incorporated into this provision depending on individual circumstances. It's important to consult with an experienced estate planning attorney in the Bronx, New York area to tailor the trust provision to your specific needs and goals.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
