Virginia Testamentary Trust Provision for the Establishment of a Trust for a Charitable Institution for the Care and Treatment of Disabled Children

• Category: Trusts - Testamentary
• State: Multi-State
• Control #: US-0659BG
• Format: Word; Rich Text

Description

This form is a testamentary trust provision for the establishment of a trust for a charitable institution for the care and treatment of disabled children. In Virginia, the Testamentary Trust Provision for the Establishment of a Trust for a Charitable Institution for the Care and Treatment of Disabled Children refers to a legal provision that allows individuals to create a trust in their wills to support charitable institutions dedicated to the care and treatment of disabled children. This provision ensures that disabled children receive the necessary care and support even after the individual passes away. There are different types of Virginia Testamentary Trust Provisions that can be established for the care and treatment of disabled children. These include: 1. Charitable Irrevocable Testamentary Trust: This type of trust provision is created in the individual's last will and testament, specifying that a certain amount of assets or funds should be designated for a specific charitable institution exclusively for the care and treatment of disabled children. Once the trust is established, it becomes irrevocable, meaning that the assets transferred to the trust cannot be reclaimed or changed. 2. Charitable Revocable Testamentary Trust: Unlike the irrevocable trust, this type of provision allows the individual to modify or revoke the trust during their lifetime. However, upon their death, the assets specified in the trust will be transferred to the designated charitable institution for the care and treatment of disabled children. 3. Charitable Remainder Testamentary Trust: This provision allows individuals to provide for their disabled children during their lifetime while ensuring that any remaining assets are transferred to a charitable institution after their death. It allows for the disabled children to receive income or use of the trust assets during their lifetime, with the remainder going to the designated charitable institution. Virginia's Testamentary Trust Provision for the Establishment of a Trust for a Charitable Institution for the Care and Treatment of Disabled Children ensures that disabled children have access to ongoing care, treatment, and support from charitable institutions dedicated to their needs. By including such provisions in their wills, individuals can make a significant impact on the lives of disabled children even after they are no longer present.

In Virginia, the Testamentary Trust Provision for the Establishment of a Trust for a Charitable Institution for the Care and Treatment of Disabled Children refers to a legal provision that allows individuals to create a trust in their wills to support charitable institutions dedicated to the care and treatment of disabled children. This provision ensures that disabled children receive the necessary care and support even after the individual passes away. There are different types of Virginia Testamentary Trust Provisions that can be established for the care and treatment of disabled children. These include: 1. Charitable Irrevocable Testamentary Trust: This type of trust provision is created in the individual's last will and testament, specifying that a certain amount of assets or funds should be designated for a specific charitable institution exclusively for the care and treatment of disabled children. Once the trust is established, it becomes irrevocable, meaning that the assets transferred to the trust cannot be reclaimed or changed. 2. Charitable Revocable Testamentary Trust: Unlike the irrevocable trust, this type of provision allows the individual to modify or revoke the trust during their lifetime. However, upon their death, the assets specified in the trust will be transferred to the designated charitable institution for the care and treatment of disabled children. 3. Charitable Remainder Testamentary Trust: This provision allows individuals to provide for their disabled children during their lifetime while ensuring that any remaining assets are transferred to a charitable institution after their death. It allows for the disabled children to receive income or use of the trust assets during their lifetime, with the remainder going to the designated charitable institution. Virginia's Testamentary Trust Provision for the Establishment of a Trust for a Charitable Institution for the Care and Treatment of Disabled Children ensures that disabled children have access to ongoing care, treatment, and support from charitable institutions dedicated to their needs. By including such provisions in their wills, individuals can make a significant impact on the lives of disabled children even after they are no longer present.