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A trust created by a will, that is scheduled to occur after the maker's death.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
A trust created by one's last will and testament.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.