testamentary trust

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Testamentary trust

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

Testamentary Trust

A trust created in a will. A testamentary trust is considered part of an estate and is therefore subject to estate taxes, if any. However, a testamentary trust is useful if the deceased has minor children whose assets need to be managed before they reach maturity. The trustee of the testamentary trust does this on behalf of the estate.

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.

testamentary trust

A trust created by one's last will and testament.

References in periodicals archive ?
Connecticut will tax the state income of a testamentary trust in the same manner as Illinois (based on a resident testator).
Guardian also helps to form personal irrevocable trusts (living trusts) and testamentary trusts.
The government announced its intention in the March 2013 federal budget to hold consultations on possible measures to eliminate the tax benefits that arise from taxing testamentary trusts and estates at graduated rates, after a reasonable period of administration for estates.
For example, a gap may arise in a testamentary trust which provides for distribution to the testator's children upon attainment of a stated age, with a contingent distribution to surviving descendants of such child or to the other surviving children or their descendants.
Hence, a testamentary trust (established at death) is often used.
its trust banking unit, withdraw from banking business and instead focus on trust banking services, including real estate and testamentary trust services, the Mainichi Shimbun reported in its Monday evening edition.
duPont Testamentary Trust in 1936, Nemours Foundation initially began operation as an orthopedic hospital in 1940.
I have created an insurance and testamentary trust in my will," says Parker.
There are two reasons to be careful about applying Downing beyond questions of exemption from forced sale and into problems of proper distribution: 1) the federal bankruptcy courts have consistently applied the exemption to equitable as well as legal interests, and 2) the words of caution on page 776 in the Downing case, emphasizing the passive nature of the testamentary trust.
Carnatom LLC, led by Donald Coulter II; Webb LLC, led by John Coulter; and the Dixie Faye Johnson Testamentary Trust acquired the location near the southeast corner of Northshore Lane and Northshore Place.
The agreement will allow Nikko to meet its customers' diversified requests for inheritance-related services and will also enable Chuo Mitsui to expand its testamentary trust services, the companies said.