Testamentary Trust
My previously submitted question asked whether a trust fund that is written into a last will and testament is self-executing upon the death of the creator of the will? The will reads that upon the beneficiaries reaching a certain age, the trust shall terminate and the real estate or proceeds shall be distributed to the beneficiaries. My belief is that there needs to be a transfer of title from the trustee to the beneficiary and that the trust fund is not self-executing. I hope this clears up any unclear facts previously noted. If these facts are insufficient, please let me know what needs clarification. Thank you.
Re: Testamentary Trust
Nothing of this nature is self executing. Title to the property will be transferred by the executor of the Will to the trustee identified in the Will. the Trustee will retain title to the real estate until it is sold or the termination of the trust. At termination, the trustee, if the real estate has not been sold, will prepare and deliver a deed to transfer the title to the real estate to the beneficiaries as their interests may appear.
Re: Testamentary Trust
Nothing of this nature is self executing. Title to the property will be transferred by the executor of the Will to the trustee identified in the Will. the Trustee will retain title to the real estate until it is sold or the termination of the trust. At termination, the trustee, if the real estate has not been sold, will prepare and deliver a deed to transfer the title to the real estate to the beneficiaries as their interests may appear.
