Testamentary Trust

Testamentary Trusts are trusts created within a Last Will and Testament. The terms of the Trust do not take effect until your death.

A Testamentary Trust is a part of your Will so it still must pass through probate, disallowing any cost saving benefits, while still utilizing the ability of a trust to provide for heirs over time. However, it is a good way for parents to control bequests to minors or to spendthrift heirs.