Testamentary Trust

A testamentary trust is a type of trust that is created within a person’s will and comes into effect upon the death of the person making the will, known as the testator. In contrast to a living trust, which is established during the testator’s lifetime, a testamentary trust is established through the terms of the will itself and only becomes operational after the testator’s death. 

A testamentary trust allows the testator to control how and when assets are distributed to beneficiaries, and are often used to provide for minor children, beneficiaries with special needs, or adults who lack financial responsibility. Like other types of trusts, testamentary trusts can be structured to minimize estate and income taxes. Although they are created through the probate process they can be structured to avoid probate and remain out of public record in the future.

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