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 Tennessee Testamentary Trust Provision in a will refers to a specific provision that can be included to address estate planning matters, particularly when it involves a spouse, farm land, and children. This provision allows the testator (the person creating the will) to ensure the fair distribution and management of assets, like farm land, for the benefit of their children, while also providing a life estate for their spouse. A "life estate" in this context refers to the right of the surviving spouse to use and enjoy the farm land for the duration of their lifetime. This means that the surviving spouse has the right to live on the property, utilize its resources, and receive any income it generates during their lifetime. However, they do not have the authority to sell, transfer, or bequeath the property to someone else upon their death. The remainder interest in the land is what passes to the trust for the benefit of the children. This means that after the death of the surviving spouse, the farm land will be transferred into the trust and managed by a designated trustee (often a family member, lawyer, or financial institution). The trustee's responsibility is to ensure that the children receive the benefits derived from the land according to the provisions outlined in the trust. The Tennessee Testamentary Trust Provision can vary depending on the specific needs and circumstances of the testator. Here are some possible variations or additional elements that can be included: 1. Specific Distributions: The provision may outline specific instructions for distributing income or proceeds from the farm land to the children, such as funding their education or providing for their general welfare. 2. Contingencies: The provision can address contingency plans in case the children pass away before the surviving spouse, allowing for the distribution of their share to their own descendants or heirs. 3. Trustee Powers: The provision may grant certain powers to the trustee, such as the ability to sell the land or invest the trust's assets for better financial returns. 4. Trust Administration: The provision can outline rules and guidelines for the administration of the trust, including how often accounting should be provided to the beneficiaries or other reporting requirements. It is important to consult with an experienced estate planning attorney to ensure the Tennessee Testamentary Trust Provision aligns with all legal requirements and effectively meets the unique needs and goals of the testator.
