The single trust Will
names a Trustee to hold some or all of the Testator's assets in
trust for the benefit of persons designated in the Will. A single
trust Will is often used is by parents with young children.
A single trust Will
usually provides that a wife will leave everything to her husband if
he survives her. However, in the event that her husband does not
survive her, her property does not pass directly to her children as
it would when they are grown.
Instead, she will
name a Trustee in her Will to hold property
for the benefit of
her children until the children reach a specified age (usually 25 or
30). The Trustee is authorized to use the funds held in trust to
provide for the children's financial needs (food, clothing, medical,
education, etc.) during the term of the Trust. When the children
reach the age specified in the Will, the balance remaining in the
Trust is distributed as directed by the Will.
The Trustee may or
may not be the same person she nominates as Guardian to take
physical care of her children in the event both she and her husband
are deceased.
The specific
provisions for your Will, of course, will vary based upon a number
of factors, including but not limited to: your marital status,
whether you have children, the number of children you have, and the
ages of your children.
When I prepare a
single trust Will for a client, it usually requires two office
visits. During the first visit the client and I will discuss his or
her particular situation and the client will provide me with names
and addresses of his or her intended beneficiaries, guardians, and
trustees as well as other relevant information which will be
incorporated into the Will. I will then prepare a draft using the
information disclosed during the initial meeting and mail the draft
to the client for review. If the draft correctly expresses the
client's intent, I will have the Will printed on high-quality bond
paper and the client will schedule a second appointment to come in
and sign the Will.
If you or your
spouse have children from other relationships, a simple single trust
Will is probably not applicable for your situation. Please see
topic heading: "Wills for Persons with Blended Families."
This page was written on 04190.
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WILLS - Young Family, Minor Children