A testamentary trust is a trust in which the trust property is bequeathed or devised by will to the trustee for the benefit of the beneficiaries. 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 give validity to the instrument and make it eligible to be probated. A valid testamentary trust is created only when the will attempting to create it complies with the formalities of the state's statutes covering wills. An instrument will be denied probate where it fails to conform at least substantially to the controlling statutory provisions governing the execution of wills.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Massachusetts Testamentary Trust Provision with Stock to be Held in Trust for Grandchild and no Distributions to be Made until a Certain Age is Reached is a specific type of trust established in accordance with Massachusetts state laws. This provision grants the testator (the person making the trust) the ability to allocate their stock holdings to a trust for the benefit of their grandchild. The primary condition of this provision is that no distributions from the trust can be made until the grandchild reaches a certain predetermined age. There are different variations of this Massachusetts Testamentary Trust Provision with Stock to be Held in Trust for Grandchild and no Distributions to be Made until a Certain Age is Reached. Here are some of the variations in which it may be established: 1. Fixed Age Provision: The trust may specify a certain age at which the grandchild will gain access to the stock holdings. For example, the provision might state that no distributions will be made until the grandchild reaches the age of 25. 2. Graduated Age Provision: This variation allows for gradual access to the stock holdings as the grandchild grows older. It may set specific ages at which a portion of the stock is granted to the grandchild. For instance, 25% of the stock may be distributed at age 25, 50% at age 30, and the remaining 25% at age 35. 3. Income Threshold Provision: In this variation, the grandchild is allowed to receive distributions from the trust once they reach a specified income threshold. For example, if the grandchild's annual income is below a certain amount, they may be eligible to receive distributions. 4. Educational Expenses Provision: This type of provision allows for distributions to be made from the trust to cover the grandchild's educational expenses, such as college tuition fees, upon reaching a certain age. It's important to note that the specific terms and conditions of a Massachusetts Testamentary Trust Provision with Stock to be Held in Trust for Grandchild and no Distributions to be Made until a Certain Age is Reached can vary based on the preferences and intentions of the testator. It is always recommended consulting with an experienced estate planning attorney to ensure that the trust provision is properly drafted and in accordance with Massachusetts state laws.
