[WSBARP] Testamentary Trusts

[Jim Doran]

A basic question for Trust experts:

Testator put a clause in her Will that one of her son's "share is to be
held, administered and distributed in trust as follows:"  The Trust is
essentially a spendthrift trust for one of her sons.  The Will describes
the purpose of the Trust and directions for regular payments to the son
from the Trust.  Attached to the Will is an Exhibit "A" that recites many
of the standard trustee rights, duties and responsibilities.  Exhibit "A"
is 6 pages long of trust boilerplate.

Exhibit "A" is not signed as the actual Trust.  However, there is a
provision in the Will that incorporates Exhibit "A" into the Will to be
considered part of the Will.

My question is whether the Will and Exhibit "A" can be used as the actual
Trust document or if a new Trust document needs to be drafted that complies
with all of the terms of the Will and Exhibit "A"?

The second question is if the funds are simply put into a separate bank
account for the son, will the funds be protected from creditors without an
irrevocable trust being created for the funds?

Client, of course, doesn't want to incur the expense of drafting up the new
Trust if the language in the Will and Exhibit "A" are sufficient.  I wonder
if a Bank will accept the Will and Exhibit "A" as the actual Trust.

Any comments would be appreciated.

JIm Doran




James R. Doran
Attorney at Law
100 E. Pine Street -  Suite 205
Bellingham, WA 98225
(360)393-9506
jim at doranlegal.com
www.doranlegal.com
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20211207/bab0be86/attachment.html>