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.
Wyoming Testamentary Trust Provision in Will is a legal arrangement designed to ensure the smooth transfer of assets, specifically farm land, to the surviving spouse and children after the death of the testator. This provision enables the creation of a trust that allows the surviving spouse to enjoy a life estate in the farm land, while also safeguarding the interests of the children through a remainder interest in the land, which passes to a trust established for their benefit. Keywords: Wyoming, testamentary trust, provision in will, spouse, life estate, farm land, remainder interest, trust, children, benefit. Different types of Wyoming Testamentary Trust Provision in Will with Spouse to Receive a Life Estate in Farm Land with Remainder Interest in Land to Pass to Trust for the Benefit of Children may include: 1. Traditional Testamentary Trust Provision: This type of provision grants the surviving spouse a life estate in the farm land, ensuring their ability to reside on and benefit from the property during their lifetime. Upon the death of the surviving spouse, the remaining interest in the land passes into a trust established for the children's benefit. 2. Limited Testamentary Trust Provision: In this variation, the life estate granted to the surviving spouse may be limited in duration. For example, the surviving spouse may be allowed to occupy the farm land for a specified number of years or until they remarry. After this period, the remainder interest transfers to the trust for the children's benefit. 3. Rental Income Testamentary Trust Provision: This provision allows the surviving spouse to continue living on the farm land while receiving rental income from farming activities or leasing the land to others. The rental income generated during the life estate period can be utilized for the spouse's benefit, with the remainder interest passing to the children's trust upon their passing. 4. Specific Instructions Testamentary Trust Provision: This variant of the provision may include specific instructions regarding how the farm land should be managed and maintained during the surviving spouse's life estate, aiming to preserve its value for the future benefit of the children. 5. Trustee Selection Testamentary Trust Provision: This provision outlines the process of selecting a trustee for the children's trust, specifying the duties, responsibilities, and qualifications required for the trustee to effectively manage and distribute the assets in the trust. By implementing a Wyoming Testamentary Trust Provision in Will with Spouse to Receive a Life Estate in Farm Land with Remainder Interest in Land to Pass to Trust for the Benefit of Children, individuals can protect their spouse, ensure the longevity of their family farm, and provide a secure future for their children.
