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 ?
Compared to a family trust, where minors start paying taxes at levels not far above $1,000, the tax advantage of a testamentary trust can be significant.
Neither the trustee nor beneficiary can make gifts into the irrevocable testamentary trust.
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.
Tenders are invited for Collector Treasurer - Investment Consulting Services For Testamentary Trust Funds
For example, it may no longer be that a testamentary trust formed under a New York will has to remain in New York.
Benson testamentary trust, named for his late wife and Renee's mother, including paying management fees, property insurance and property taxes on time.
Does your will create a testamentary trust or a spousal or common-law partner trust?
The location was bought for $52,000 in January 1995 from the estate of Herschel Friday, William and Mary Lou Cravens, the Boyce Love Testamentary Trust, William and Peggy Sutton, William and Elizabeth Terry, William and Kay Patton and the Oaklawn Jockey Club Inc.
A clause from a testamentary trust providing that its assets are to be distributed to the testator's grandchildren, except for any grandchild who might marry a non-Jew or whose non-Jewish spouse did not convert to Judaism within one year of marriage, does not violate public policy when employed as a condition precedent of a gift of the trust's assets, a unanimous Illinois Supreme Court has held.
In the trust business, Sumitomo Trust will provide stock transfer agent and pension trust services to Aozora Bank's corporate customers while offering testamentary trust services to its individual customers, they said.
In addition, intestacy may apply to a testamentary trust, in the event all of the trust beneficiaries die prior to full vesting of their interests.