Testamentary Trusts

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Testamentary Trusts 2017-01-15T05:02:01+00:00

TESTAMENTARY TRUSTS

A testamentary trust is a trust created under the will of a decedent and starts its existence when the will is accepted for probate and a Trustee is appointed by the court. This is different than an “inter-vivos” or a “lifetime” trust, which is created during the lifetime of the person creating the trust and starts to exist when a written agreement is properly executed and notarized, between the person who creates the trust (the Settlor) and the person who administers the trust (the Trustee).

Some of the ways an elder law attorney can use testamentary trusts to carry out your estate plan are a testamentary trust for children or grandchildren who may be too young to receive a bequest, or a testamentary supplemental needs trust which could protect public benefits for a person receiving a bequest.

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