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The document outlines a testamentary trust provision in a will, granting a spouse a life estate in farmland, with the remainder interest passing to a bank as trustee for the benefit of the couple's children. It details the rights and powers of the trustee, management and control of the property, compensation, income distribution priorities, and conditions for termination of the trust. The trust is designed to ensure that the farmland is preserved and managed for the children's benefit after the spouse's death.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the purpose of a trust will?

Wills provide instructions on how to distribute your assets after you die. Trusts are legal contracts that allow you to transfer your assets, before or after death, to an account to be managed by yourself (if you are still living) or others.

What are reasons to not have a trust?

Four Reasons You Dont Need a (Revocable) Trust Probate avoidance is the only goal. While this is an admirable goal, a trust may not be the only way to avoid probate. You have straightforward wishes. Youre motivated by tax savings or Medicaid eligibility. Youre not great at follow-through.

What are the disadvantages of a will trust?

Disadvantages of Will Trusts If you depend upon a Will Trust, all of the assets fall into one or a number of Trusts on your death. It is important to realise in this case that the tax office treats those as one Trust, meaning that certain tax implications arise.

What is more important, a will or a trust?

A living trust offers significant advantages, such as avoiding probate, maintaining privacy and allowing for precise control over asset distribution. On the other hand, wills play a crucial role in naming guardians for minors and can serve as an essential catch-all estate planning document for your intentions.

Why a will is better than a trust?

A will may be the least expensive and most efficient choice for small estates with easily transferred assets and simple bequests. A trust without a will can present problems concerning assets outside the trust that become subject to intestacy laws. Larger and more complex estates may benefit by using both arrangements.

What is one disadvantage of a will over a trust?

Probate Avoidance: Living trusts bypass the probate process, resulting in quicker asset distribution and lower associated costs. Wills require probate, which can be time-consuming and expensive.

What is the biggest mistake with wills?

14 common mistakes to avoid when writing a will The will was incorrectly witnessed. Asking a child or partner to be a witness. Having an out of date will. Making changes to your will after it has been signed. Forgetting Assets. Failing to appoint guardians. Excluding any step-children. Being too specific.

When should we use a trust instead of using a will?

Generally, if your estate is worth more than the federal estate tax exemption amount (currently $12.92 million as of 2023), a trust may be worth consideration as it could help avoid significant estate taxes.

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