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 West Virginia Testamentary Trust Provisions in a Will allows individuals to plan the distribution of their estate after their passing, specifically when it involves farm land and the support of their children. This provision ensures that a spouse receives a life estate in the farm land while the remainder interest in the land passes to a trust for the benefit of the children. There are several types of such provisions, including: 1. Specific Bequest Testamentary Trust Provision: This provision designates specific farm land to be transferred to the trust after the spouse's life estate ends, ensuring the children benefit from the land's value. 2. Beneficiary-Directed Testamentary Trust Provision: This provision allows the children, as beneficiaries of the trust, to have a say in the management and use of the farm land after the spouse's life estate concludes, giving them control over its operation and any income generated. 3. Mandatory Income Interest Testamentary Trust Provision: In this provision, the trust is mandated to provide a certain level of income to the spouse during their life estate, guaranteeing financial support while preserving the land's value for the children's benefit. 4. Discretionary Testamentary Trust Provision: With this provision, the trustee has discretion on how to distribute income or assets generated from the farm land to the spouse and children, considering their needs and circumstances, maximizing their overall benefits. 5. Spendthrift Testamentary Trust Provision: This provision includes protections to prevent creditors of the spouse or children from seizing the farm land or its income, ensuring its preservation for the intended beneficiaries. By implementing a West Virginia Testamentary Trust Provisions in a Will with a Life Estate in Farm Land and a Remainder Interest passing to a trust for the benefit of children, individuals can safeguard their spouse's financial security while securing the long-term welfare of their children through the controlled distribution and management of valuable farm land assets.
