testamentary trust (redirected from Will trust)

Testamentary Trust

A trust created as a result of explicit instructions from a deceased's will.

Notes:

Typically, the remaining estate of the deceased (trustor) will act as the body of the trust, and the executor will manage it until the beneficiaries are capable of doing so individually.

See also: Beneficiary, Estate, Inter-Vivos Trust, Trust, Trustee, Trustor, Will

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Testamentary trust

A trust created by a will, that is scheduled to occur after the maker's death.

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testamentary trust

A trust created by a person's will, thereby not effective until the death of the testator. Testamentary trusts are used chiefly by wealthy individuals who are concerned about their beneficiaries' ability to administer large amounts of assets.