New York Probate Lawyer Blog
There are many different types of trusts. A trust may be created as part of the terms of a Last Will and Testament. Such a trust is known as a testamentary trust. In these cases, the testator incorporates the trust terms into the dispositive provision in a Will. For example, a Will may provide that a dollar amount or percentage amount passing under a Will be given to a trustee to hold and administer according to the trust terms which are specifically set forth in the Will. The language in the Will names the beneficiaries of the trust. Provisions are usually made for alternate beneficiaries and for successor trustees.
A trust can also be created separate and apart from a Will. This document also contains the various provisions designating trustees and beneficiaries.
Regardless of the type of trust, it is important that the trust document set forth with clarity the manner in which the trust property is to be paid or applied for the benefit of the trust beneficiaries. Also, the powers or authority of the trustees should be specified.