A Testamentary Trust is a trust created in a manner so as to come into existence only at the time of your death. The terms of a testamentary trust would typically be included in a will and the trust never exists while you are living. A testamentary trust requires probate for its creation.
A Testamentary Trust is often advisable if you are in any of the following circumstances:
(i) you have young or immature beneficiaries
(ii) you have older or incompetent beneficiaries
(iii) you have disabled beneficiaries
(iv) you want to maintain some control over “gifted” assets