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"
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duPont Testamentary Trust, today announced the election of Claire DeMatteis to The Nemours Foundation Board of Directors.
We call this type of trust a testamentary trust because it does not exist until the testator's death.
Those factors can make a testamentary trust, one set up in the decedent's will, a useful choice.
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.
Does your will create a testamentary trust to benefit your spouse, common-law partner or children?
20-acre site was bought for $48,000 in February 1996 from the estate of Herschel Friday, William and Mary Lou Cravens, the Boyce Love Testamentary Trust, William and Peggy Sutton, William and Elizabeth Terry, William and Kay Patton and the Oaklawn Jockey Club Inc.
The property passing through the will is probate property and the final distribution to the testamentary trust must be approved by the Probate Court.
Instead, they can use simpler estate planning documents, with a single testamentary trust or, in some cases, none at all.
Thus, it must be specifically created by will or by the terms of the revocable trust to be considered a testamentary trust.
It should be noted that a testamentary trust may be named as the beneficiary of a life insurance policy on the life of the testator.
Roelie le Roux and the Chris Mouton Testamentary Trust in second and third place respectively.
All states that tax the income of trusts base their jurisdiction to tax resident trusts on a combination of one or more of the following factors: 1) residence of the testator of the trust at death for a testamentary trust (resident testator), or residence of the settlor at the time the trust becomes irrevocable for a living trust (resident settlor); 2) residence of the trustee; 3) place of administration; or 4) residence of the beneficiaries.