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 Wisconsin, a testamentary trust provision in a will allows for a specific arrangement, where a spouse receives a life estate in farm land, while the remainder interest in the land passes to a trust for the benefit of children. This arrangement ensures the long-term preservation and protection of the family farm while providing for the financial well-being of the spouse and children. Under this provision, the spouse is granted a life estate, which means they have the right to use and profit from the land during their lifetime. They have full access and control over the property, including the ability to live on and cultivate the farm. This provision ensures that the surviving spouse can continue to enjoy the benefits of the farm and maintain their livelihood. However, the remainder interest in the land, which is the ownership interest that will pass to someone else after the spouse's death, is placed into a trust. This trust is established for the benefit of the children, ensuring their financial security and the future stability of the farm. The trustee, who is typically a trusted family member or friend, manages the trust and distributes the income or proceeds from the land to the children according to the provisions outlined in the will. The Wisconsin testamentary trust provision in a will with a spouse receiving a life estate in farm land and a remainder interest passing to a trust for the benefit of children may have variations or alternatives based on specific circumstances and preferences. Some possible types or variations include: 1. Testator's specific directives: The will may contain specific instructions regarding the distribution of income or proceeds from the land, the trustee's powers and decision-making authority, or any conditions or limitations imposed on the trust. 2. Guardianship provisions: In addition to the trust provision, the will may also include provisions for the appointment of a guardian for minor children, ensuring their well-being and care in the event of the spouse's death. 3. Trust termination conditions: The will may specify conditions under which the trust is terminated, such as when a child reaches a certain age or achieves a specific milestone, allowing them to take full ownership of the land. 4. Trustee selection: The will may outline criteria or preferences for selecting the trustee, taking into account the trustee's ability to effectively manage the trust and act in the best interests of the children. It is essential to consult with an experienced estate planning attorney to draft a Wisconsin testamentary trust provision in a will that addresses individual circumstances and objectives. By utilizing this provision, families can ensure their farm remains intact and provides for both the surviving spouse and future generations.
