testamentary trust

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Noun1.testamentary trust - a trust that is created under a will and that becomes active after the grantor dies
trust - something (as property) held by one party (the trustee) for the benefit of another (the beneficiary); "he is the beneficiary of a generous trust set up by his father"
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
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Also exempted from reserves are Personal Trust (Testamentary Trust), Executorship, Guardianship, Life Insurance Trust, Pre-need Plans (institutional/individual, Personal Equity and Retirement Account or PERA, and Legislated and Quasi-Judicial Trust.
BSP removes reserves on 14 trust, fiduciary accounts
Oehler Testamentary Trust. Long-time Grayslake resident, Grayslake High School and Northwestern University alumnus Richard G.
College Scholarship Money Offered to Grayslake High School Students!
Lengthy litigation The issue arose in the course of lengthy litigation in which the plaintiff beneficiaries of a testamentary trust sought and ultimately obtained the effective termination of that trust.
Service charge added to trustees' indemnification
We call this type of trust a testamentary trust because it does not exist until the testator's death.
Setting Up Wills and Trusts
For CPAs involved in trust compliance and planning, the key step when any testamentary trust is formed is to have a meeting with the trustee and trust counsel to review the trust and how it should be operated.
Administering a testamentary trust for a child: creating a road map to follow
Does your will create a testamentary trust to benefit your spouse, common-law partner or children?
Big changes in estates--are you ready?
A second, more recent case (36) called upon the Illinois Supreme Court to determine whether a gift within a testamentary trust made conditional on a beneficiary's marriage to a Jewish spouse should be struck down as a public policy violation.
I do, I will
Thus, it must be specifically created by will or by the terms of the revocable trust to be considered a testamentary trust. If the decedent had a qualified revocable trust that is used as the administrative trust, it may qualify under that exception.
Post mortem: issues to consider after death of an S corp shareholder
(21.) Holzbaugh v Detroit Bank & Trust Co, 371 Mich 432, 436-37, 124 NW2d 267, 269 (1963), quoting Jacobs v Miller, 50 Mich 119, 126, 15 NW 42, 45 (testamentary trust beneficiaries estopped from challenging validity of trust because they accepted benefits from that trust) (emphasis supplied).
Refuse the bequest or lose the will contest: the unforgiving doctrine of election: beneficiaries who accept even a small bequest under a will can be estopped from later challenging the document. And the doctrine of election applies to trusts as well, this author argues
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