(303) 268-3991

Law Offices of E. Christopher Lang P.C.  

Testamentary Trust

WILL WITH TESTAMENTARY TRUST:
 
A Will with a testamentary trust is very similar to your standard Will however the document has a trust built into it. These documents are commonly used when we are doing an estate with minor children or if one of the beneficiaries is mentally incapacitated. Upon the demise of the maker of the Will, the Will goes through the probate process but instead of the assets going directly to the beneficiary they go into a trust for the benefit of the beneficiary. The trust will name a trustee. The money in the trust can be distributed to the beneficiary for health, education, maintenance and support of the beneficiary. When the beneficiary attains the age of distribution then the trust shall distribute the balance of it’s proceeds directly to the beneficiary. We do two types of Wills with testamentary trusts: 1. Simple Minor’s trust and 2. Complex Minor’s trust.
    Trustee is the person who manages the funds for the beneficiary.
     
    Guardian is the person whom the minors will live with until they reach the age of majority.
     
    Will with Simple Minor’s Trust is built on the uniform gift to minors act and as such the money is held by the custodian (trustee) until the child attains the age of 21. The funds are then distributed to the minor outright. Cost for Will with Simple Minor’s Trust $240.00.
     
    Will with Complex Minor’s Trust
    is a will that distributes the assets to a full fledged testamentary trust. With this trust you can choose any ages for distribution that you like such as 1/3 at 24, 1/3 at 28 and the final 1/3 at 30. Cost for Will with Complex Minor’s Trust $360.00.
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