Can I put in my will that a trust should be made after I die?
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Can I put in my will that a trust should be made after I die?
I am leaving on an international trip and am concerned that I do not have a will yet. I live by song writers royalties approx 20,000 per year Royalties will continue to come in 70 years after I die to whomever I assign it to. I also own a house, car and musical equipment. I plan on putting my property into a proper Trust, but do not have time to complete this before I travel. Can I make a short will and put in it that my executor is to form a Trust with all my possessions and and royalties would be put into?
Asked on July 18, 2016 under Estate Planning, New Mexico
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Yes, this not only legal, but is common (for example: trusts set up for minor children or charitable purposes.) There is a term for a trust creates by a will, which comes into existence after the testator (person making the will) dies: testamentary trust. The will needs to state that a trust will be formed, identify the assets going into it, specify a trustee, specify who or what is the beneficiary(ies), and set out the instructuons or rules for investing, maintaining, and distributing the trust assets.
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