Formation of Trust

A Formation of Trust is a residue distribution method where assets are placed into a trust and managed by a trustee on behalf of the beneficiaries according to the terms set out in the will. Formation of Trust is a terminal node, meaning no further residue distributions can be added beneath it. 

1. Add a residue and select "Formation of Trust"

2. Under "Trust Options" you have two choices.

a) Education Trust

An Education Trust is a trust created to hold and manage assets for a beneficiary’s education and related expenses. The trustee can use the funds according to the instructions in the will, often until the beneficiary reaches a certain age or completes their education. If selected, you will be prompted to choose the “Trust Beneficiary,” who is the individual that will benefit from the trust. 

b) Spousal Trust

A Spousal Trust is a trust created to provide financial support and benefits to a spouse during their lifetime. The assets are managed by a trustee for the spouse’s benefit, and after the spouse passes away, the remaining assets are distributed according to the instructions in the will.

3. Click "Save and Close"