Legal Question in Wills and Trusts in New York
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.
2 Answers from Attorneys
Re: Testamentary Trust
I agree with Norman on how this is traditionally handled. My only question is how many beneficiaries there are and what is the age difference between them. Unless the property is sold and there are liquid assets, this can get somewhat confusing down the road, since the trust may terminate as to the beneficiaries at different times; thus requiring multiple new Deeds as each beneficiary becomes entitled to his/her share of the trust. Having been involved in a similar situation, personally, and having this experience for many clients, I know what is involved. Contact me directly if you need more information.
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.
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