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.
In Maryland, a testamentary trust provision in a will can be established to ensure the spouse receives a life estate in farm land while also securing a remainder interest in the land for the benefit of the children. This type of provision offers a way to provide for both the surviving spouse and the children, allowing for the preservation and management of valuable farm assets. The Maryland testamentary trust provision with a life estate in farm land often includes various keywords such as "testamentary trust," "spouse," "life estate," "farm land," "remainder interest," and "children." These keywords are essential to accurately describe the specific nature and purpose of this type of trust provision. There may be different variations or specific naming conventions for this testamentary trust provision in Maryland, some of which could include: 1. Maryland Farm Land Testamentary Trust Provision: This variation emphasizes the focus on agricultural or farm properties and highlights the provision's intention to preserve and manage farm assets for the benefit of the spouse and children. 2. Testamentary Trust with Life Estate and Remainder Interest: This variant focuses on the essential components of the provision, highlighting the spouse's life estate rights and the children's remainder interest in the land. 3. Maryland Trust for Spouse's Life Estate and Children's Remainder Interest: This naming convention specifically highlights the trust's purpose, which is to provide for the surviving spouse's life estate in the farm land, along with securing a remainder interest in the land for the benefit of the children. It is crucial to consult with an experienced attorney specializing in estate planning in Maryland to ensure the proper creation and implementation of a testamentary trust provision, particularly when involving farm land and the interests of both the surviving spouse and children.
