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Pages:
1 page/β‰ˆ275 words
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2 Sources
Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Coursework
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 6.32
Topic:

Testamentary Trusts

Coursework Instructions:

Trusts have a variety of purposes, ranging from asset protection to providing financial support to a minor or a mentally incapacitated individual. Trusts also have significant tax planning advantages. In this activity, you will be assigned to a group with four of your peers. Each of you will research a type of trust (simple, complex, testamentary, inter vivos, etc.) or a trust that is a combination of several types (e.g., a testamentary trust that is also complex) and report your findings back to your group.
I have been assigned testamentary trust.
What flexibility does your trust offer that other trusts do not? What are its advantages and disadvantages? Cite trade publications, law review articles, and other relevant sources in support of your answer.
Cite appropriate statutory authority, case law, and/or AICPA Code of Professional Conduct, American College of Trust and Estate Counsel (ACTEC), and/orABA Model Rules of Professional Conduct to support your initial post and your response posts.
Use citations and references in APA style to support your contributions.

Coursework Sample Content Preview:

Testamentary Trusts
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Institution
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Instructor’s Name
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Testamentary Trusts
Different trusts provide different flexibilities for asset and investment control and ownership. This paper explores the flexibility offered by a testamentary trust. According to the American Bar Association (n.d.), a testamentary trust is a trust that is created from the information found in the last will. As such, this type of trust only exists when the trust grantor dies. It ensures that the wishes of the deceased as provided in the will are followed to the letter. The trust provisions are written down in the will and remain in effect until a specified event occurs (American Bar Association, n.d.), such as a child (beneficiary) turning a certain age.
Testamentary trusts are irrevocable because they only exist once a person dies and has left instructions on what the executor of the estate should do (Butureanu-Carpusor, 2021). This is unlike other trusts, such as inter vivos, which can be revoked. ...
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