The CantonRep
Real Estate
- Page 13
MYERS From Page D12

South. It includes 16 bedrooms, 17 baths, five balconies and a terrace that provides stunning views.

 

Griffin bought the space “raw,” which means he’ll likely spend tens of millions more to finish it out to his liking. Equally remarkable, a representative for his company says the globe-trotting mogul will simply use the penthouse as “someplace to stay when he’s in town.”

 

I suppose it would beat an extended stay at Motel 6.

 

DEAR DAVE: Is a “testamentary trust” the same thing as the living trusts that you sometimes write about?

 

ANSWER: No. Unlike a basic living trust, a testamentary trust is contained in the trustmaker’s last will and testament. It’s sometimes used by people who have young children or disabled heirs who would have problems managing proceeds from the estate by themselves.

 

You can also choose an expiration date for a testamentary trust. Typical expiration dates include the day that a beneficiary turns 21 or 25 years old, graduates from college or gets married.

 

Yet, testamentary trusts have their share of drawbacks. Perhaps the biggest is that, while a properly formed living trust can avoid the probate process completely, a testamentary trust doesn’t take effect until the will is officially vetted by a probate judge. That’s a potentially long and costly proposition for heirs.

 

Our most popular-selling booklet, “Straight Talk About Living Trusts,” provides the information readers need to help determine whether forming an inexpensive trust would be a good idea based on their individual circumstances. For a copy, send $4 and a self-addressed, stamped envelope to D. Myers/Trust, P.O. Box 4405, Culver City, CA 90231-4405. Net proceeds will be donated to the American Red Cross.