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.
Phoenix Arizona 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 is a specific type of trust provision that allows for the efficient distribution of assets upon the death of the testator (the person creating the will). This provision is designed to provide for the surviving spouse while also ensuring that the children receive their inheritance. Keywords: Phoenix Arizona, Testamentary Trust Provision, Will, Spouse, Life Estate, Farm Land, Remainder Interest, Trust, Benefit of Children. 1. Phoenix Arizona Testamentary Trust: This refers to a trust provision that is applicable within the legal jurisdiction of Phoenix, Arizona. It adheres to the specific laws and regulations of the state. 2. Will: A will is a legal document that outlines how a person's assets and properties will be distributed upon their death. The Testamentary Trust Provision is a clause included within the will. 3. Spouse: In this trust provision, the surviving spouse is granted a life estate in the farm land. A life estate guarantees them the right to use and enjoy the property during their lifetime. 4. Life Estate: A life estate is a type of ownership interest in a property that grants the holder the right to use and occupy the property for the remainder of their life. 5. Farm Land: This refers to agricultural land or property used for farming purposes. It is the specific type of asset involved in this testamentary trust provision. 6. Remainder Interest: The remainder interest refers to the ownership rights and benefits that are passed on to the trust for the benefit of the children upon the death of the spouse with the life estate. 7. Trust: A trust is a legal entity or arrangement where one party (the trustee) holds and manages assets on behalf of another party (the beneficiary) for their benefit. 8. Benefit of Children: The primary purpose of this testamentary trust provision is to ensure that the children of the deceased testator receive their intended inheritance from the farm land. The trust is established to manage and distribute these assets to the children according to the terms specified in the trust. Different types or variations of Phoenix Arizona Testamentary Trust Provision may include provisions with specific conditions or criteria for the distribution of assets, varying life estate terms for the surviving spouse, and different arrangements for managing and distributing the remainder interest for the benefit of the children.Phoenix Arizona 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 is a specific type of trust provision that allows for the efficient distribution of assets upon the death of the testator (the person creating the will). This provision is designed to provide for the surviving spouse while also ensuring that the children receive their inheritance. Keywords: Phoenix Arizona, Testamentary Trust Provision, Will, Spouse, Life Estate, Farm Land, Remainder Interest, Trust, Benefit of Children. 1. Phoenix Arizona Testamentary Trust: This refers to a trust provision that is applicable within the legal jurisdiction of Phoenix, Arizona. It adheres to the specific laws and regulations of the state. 2. Will: A will is a legal document that outlines how a person's assets and properties will be distributed upon their death. The Testamentary Trust Provision is a clause included within the will. 3. Spouse: In this trust provision, the surviving spouse is granted a life estate in the farm land. A life estate guarantees them the right to use and enjoy the property during their lifetime. 4. Life Estate: A life estate is a type of ownership interest in a property that grants the holder the right to use and occupy the property for the remainder of their life. 5. Farm Land: This refers to agricultural land or property used for farming purposes. It is the specific type of asset involved in this testamentary trust provision. 6. Remainder Interest: The remainder interest refers to the ownership rights and benefits that are passed on to the trust for the benefit of the children upon the death of the spouse with the life estate. 7. Trust: A trust is a legal entity or arrangement where one party (the trustee) holds and manages assets on behalf of another party (the beneficiary) for their benefit. 8. Benefit of Children: The primary purpose of this testamentary trust provision is to ensure that the children of the deceased testator receive their intended inheritance from the farm land. The trust is established to manage and distribute these assets to the children according to the terms specified in the trust. Different types or variations of Phoenix Arizona Testamentary Trust Provision may include provisions with specific conditions or criteria for the distribution of assets, varying life estate terms for the surviving spouse, and different arrangements for managing and distributing the remainder interest for the benefit of the children.
