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A testamentary trust is a trust that is established after a person dies through his or her Last Will and Testament or Living Trust. There may be multiple testamentary trusts per will. Their purpose is to distribute a person's assets, estate, and/or life insurance proceeds to their beneficiaries. The person that creates the trust does so in his or her will, but it does not go into effect until after the person's death.
Testamentary trusts are generally inexpensive to set up and are typically suited to people with relatively small estates. Testamentary trusts are subject to probate, so they may not be right for everyone. In addition, the grantor, or person who created the trust, may name someone as the trustee, or manager, of the testamentary trust, or a court may appoint the trustee. If the trustee is not honest or trustworthy, he or she may not honor the terms and conditions of the will. For this reason, among others, testamentary trusts should be set up with proper consideration.
If you are considering writing a testamentary trust into your will, or if you have been named the trustee of a testamentary trust and need assistance, an estate planning attorney can help you with your needs. Attorneys are familiar with all aspects of the various forms of trusts and can best advise you in the option that is right for your circumstances. In addition, estate planning attorneys can assist and advise trustees who are responsible for executing the trust after a grantor's death.
Estate planning lawyers understand the complexity of trust laws. If you need an experienced estate planning lawyer to help with a testamentary trust, contact Attorney Search Network today. We can help you find an estate planning lawyer to assist you.
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