What is a Testamentary Trust?

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