If my father’s Will created a testamentary Trust upon his death, do the assets of such Trust pass directly to the named beneficiaries without any probate process?

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If my father’s Will created a testamentary Trust upon his death, do the assets of such Trust pass directly to the named beneficiaries without any probate process?

The Trust was part of the probate court’s final decree. Also, if one of the beneficiaries declines their share of the Trust, what type of affIdavit should be used?

Asked on August 4, 2014 under Estate Planning, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

I am so sorry for your loss.  A Testamentary Trust is created by a Will when the settlor (your Father) passes away.  It does not avoid probate since the Will must be probated to create the trust.  The assets named go in to a Trust and the Terms of the trust govern.  The assets do not go directly to the beneficiaries  This type of trust is often created for a minor or person with a disability.  As for "disclaiming" an inheritance, that party should seek help from an accountant and a lawyer in order to properly do so and be understanding of the IRS code.  Good luck.


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