Testamentary Trust

A testamentary trust is a legal arrangement created through a will, which takes effect after someone passes away. It allows the deceased person to dictate how their assets will be managed and distributed to beneficiaries, such as children or loved ones. This type of trust can provide control over when and how heirs receive their inheritance, often protecting assets until beneficiaries reach a certain age or meet specific conditions. It ensures that the deceased's wishes are honored while potentially offering benefits like tax savings or protection from creditors.