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.
A Wisconsin 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 provision that can be included in a Last Will and Testament to provide for the financial and asset management of a grandchild's inheritance until a specific age is reached. This type of trust allows the granter (the person establishing the trust) to allocate certain stocks or securities to be held in the trust for the benefit of their grandchild. The purpose of this provision is to ensure that the grandchild's inheritance is protected and managed responsibly until they reach a certain age, typically considered an age of maturity or financial responsibility. When the grandchild reaches the specified age, they become eligible to receive distributions from the trust, which may include income generated by the trust's stock holdings. There are different types of Testamentary Trust Provisions with Stock to be Held in Trust for Grandchild and no Distributions to be Made until a Certain Age is Reached. They include: 1. General Testamentary Trust: This type of trust provision allows the trustee (the person responsible for managing the trust) to hold and manage the stock or securities on behalf of the grandchild until they reach the designated age. The trustee has discretion over distributions, ensuring that the grandchild's best interests are served. 2. Spendthrift Testamentary Trust: A spendthrift provision restricts the grandchild's access to distributions from the trust until the specified age, protecting their inheritance from potential creditors, divorces, or mismanagement. This provision can be especially beneficial if the grandchild has a history of financial irresponsibility or is in a vulnerable situation. 3. Education Trust: An education trust provision within the testamentary trust focuses on utilizing the trust funds for the grandchild's education expenses. This provision ensures that the grandchild's educational needs are prioritized, allowing them to pursue higher education without financial constraints. 4. Special Needs Trust: In cases where a grandchild has special needs or disabilities, a special needs trust provision can be included. This provision ensures that the grandchild's inheritance does not interfere with their eligibility for government assistance programs, yet still provides for their long-term financial well-being. Overall, a Wisconsin Testamentary Trust Provision with Stock to be Held in Trust for Grandchild and no Distributions to be Made until a Certain Age is Reached offers the granter peace of mind, knowing that their grandchild's inheritance is protected and will be managed responsibly until the specified age is reached. This provision can be tailored to meet the unique needs and circumstances of the grandchild, allowing for flexibility and personalization within the trust.
