One important goal of Testamentary Trusts is to delay the distribution of property on death or ensure that the estate is properly managed for the benefit of a person or a group. For this purpose, an individual (a Settlor of a Trust), may wish to transfer his/ her property into trust and assign a reliable person (called a Trustee) to deal with such property on the individual’s death. The Trustee manages the property held in trust for the benefit of one or more individuals or organizations (who are Beneficiaries of the Trust).
Testamentary Trusts may serve various purposes. One may wish to create a Testamentary Trust for the benefit of minor children. Testamentary Trusts for Minor Children are set to ensure that a reliable person will take care of the property you leave to minors, to provide for care, maintenance and education of a child and to control the time when the kids receive the property from the trust.
Another goal of a Testamentary Trust may be to take care of adults with disabilities (Trusts for Disabled Adults) or of the spouse (Spousal Trust). Testamentary Trusts can also be used to preserve assets of an estate, for example where a recipient of the estate lacks financial experience to manage the property, or when one wants to protect the property from claims of creditors or matrimonial property disputes.
Our testamentary trust lawyer is here to help you. We will be glad to answer your estate planning questions and offer testamentary trust solutions suitable for you.