Is a Testamentary Trust a Separate Document from the Will?
Full Question:
I downloaded the forms to create a Last will and testament for married couple without children. While doing the will I have realized that it will not be sufficient. I would like to set up a testamentary trust. I put language in the will outlining the trust. I feel the trust will be relatively simple. I am setting my brother as trustee and the trust will be used to pay for the college of my neices and nephews. I also stated provisions that would allow for the use as a downpayment on a house if college was not required. Finaly I stated that any residual estate would go to the heirs of those children named. So my question is, can I set up the specifics in the will itself or do I need an additional document to cover this?
07/26/2009 |
Category: Wills and Estates |
State: Florida |
#17798
Answer:
A trust created in an individual's will, as part of the same document, is called a testamentary trust. Because a will can become effective only upon death, a testamentary trust is generally created at or following the date of the settlor's death. They do not address the management of your assets during your lifetime. They can, however, provide for young children and others who would need someone to manage their assets after your death.
Please see the preview for the following form for an example of a will containing a testamentary trust:
http://www.uslegalforms.com/fl/FL-WIL-01591.htm
