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.
Kansas 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 estate planning arrangement commonly employed by individuals in Kansas. This provision allows a testator (person making the will) to designate that their spouse will receive a life estate in the family's agricultural land, while ensuring that the remainder interest in the land will ultimately pass to a trust for the benefit of their children. In this testamentary trust provision, the testator grants their spouse the right to occupy and use the farm land during their lifetime. This means that the spouse can live on and farm the land, enjoying the associated income and benefits. However, the testator's intention is to preserve the value of the land and ensure its use for future generations, hence the creation of the trust. Once the spouse passes away, the remainder interest in the land automatically transfers to a trust established by the testator, for the benefit of their children. The trust serves as a vehicle to manage and distribute the agricultural asset to the children in accordance with the testator's wishes. The trust document will outline the specific terms and conditions governing the distribution of income or principal to the beneficiaries. There can be variations in how this provision is set up, depending on the preferences and goals of the testator. Some possible variations may include: 1. Testamentary Trust with Periodic Distributions: The trust can be structured to provide periodic distributions of income or principal to the children during their lifetime or at certain milestones such as marriage, higher education, or first-time home purchase. This ensures that the children can benefit from the land's value while maintaining its long-term sustainability. 2. Testamentary Trust with Independent Trustee: The testator may appoint an independent trustee to manage and administer the trust on behalf of the children. This can be useful if the testator wants to ensure that the trust assets are professionally managed and protected from potential conflicts within the family. 3. Testamentary Trust with Spendthrift Provisions: If the testator is concerned about the financial stability or judgment of their children, the trust can include spendthrift provisions. These provisions restrict the children's ability to sell or encumber their interest in the land, protecting their inheritance from creditors or poor financial decisions. All in all, the Kansas 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 provides a comprehensive mechanism for ensuring the intergenerational preservation and management of agricultural assets, while also safeguarding the interests of the spouse and children in accordance with the testator's wishes.
