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.
A New Hampshire Testamentary Trust Provision in a 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 legal arrangement that outlines how a deceased individual's assets, particularly farm land, will be distributed after their passing. This provision has several variations that can be tailored to fit the specific needs of the testator and their family: 1. Standard Testamentary Trust Provision: This is a common type of provision where the testator's spouse is granted a life estate in the farm land. This means that the surviving spouse can use and benefit from the land for the duration of their lifetime. Upon the spouse's death, the remainder interest in the land passes to the trust that is established for the benefit of the children. 2. Irrevocable Testamentary Trust Provision: In this type of provision, the testator creates an irrevocable trust, meaning that once established, it cannot be modified or revoked. The spouse is granted a life estate in the farm land, and upon their death, the remainder interest passes to the trust for the benefit of the children. This type of trust can offer certain tax benefits and asset protection. 3. Conditional Testamentary Trust Provision: This provision includes certain conditions that must be met for the spouse to receive the life estate in the farm land. For example, the spouse may be required to reside on the land or actively engage in farming activities. If the conditions are not met, the remainder interest in the land passes directly to the trust for the benefit of the children. 4. Testamentary Trust Provision with Limited Powers of Appointment: This type of provision allows the testator to grant the surviving spouse limited powers to appoint the remainder interest in the land among the children or other beneficiaries. The spouse can distribute the land according to their discretion, within the bounds set by the testator. Creating a New Hampshire Testamentary Trust Provision in a 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 ensures that the testator's wishes regarding their farm land's future use and benefit are carried out. By utilizing relevant keywords like "New Hampshire," "testamentary trust provision", "will," "spouse life estate," "farm land," "remainder interest," and "children's trust," individuals can find detailed information about this specific estate planning arrangement.
