testamentary trust


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Testamentary trust

A trust created by a will, that is scheduled to occur after the maker's death.

Testamentary Trust

A trust created in a will. A testamentary trust is considered part of an estate and is therefore subject to estate taxes, if any. However, a testamentary trust is useful if the deceased has minor children whose assets need to be managed before they reach maturity. The trustee of the testamentary trust does this on behalf of the estate.

testamentary trust

A trust created by a person's will, thereby not effective until the death of the testator. Testamentary trusts are used chiefly by wealthy individuals who are concerned about their beneficiaries' ability to administer large amounts of assets.

testamentary trust

A trust created by one's last will and testament.

References in periodicals archive ?
Counsel should prepare these to be signed by the trustee in favor of the executor or other fiduciary, transferring assets into the testamentary trust. A copy should be retained with the testamentary trust permanent records.
Michigan taxes a testamentary trust solely on the basis of a resident testator, and taxes a living trust on the basis of a resident settlor unless all beneficiaries, all trustees, and all administration of the trust takes place outside of the state.
Most trusts will fall within three categories: life insurance trusts, charitable remainder trusts, and testamentary trusts, he said.
A testamentary trust technically doesn't come into existence until the client's death.
Historically, most trusts--especially testamentary trusts created under a will upon death--have been formed in one's home state.
* Does your will create a testamentary trust or a spousal or common-law partner trust?
A clause from a testamentary trust providing that its assets are to be distributed to the testator's grandchildren, except for any grandchild who might marry a non-Jew or whose non-Jewish spouse did not convert to Judaism within one year of marriage, does not violate public policy when employed as a condition precedent of a gift of the trust's assets, a unanimous Illinois Supreme Court has held.
In the trust business, Sumitomo Trust will provide stock transfer agent and pension trust services to Aozora Bank's corporate customers while offering testamentary trust services to its individual customers, they said.
Assume D dies testate with a will in which he devises property to a testamentary trust to pay "income to W for life; remainder in corpus to C." C dies after D, survived by W and by two children GC-1 and GC-2.
Benson testamentary trust, named for his late wife and Renee's mother, including paying management fees, property insurance and property taxes on time.
The 3.20-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., led by Charles Cella.
duPont Testamentary Trust, a new atrium lobby will be named for Fusco.