Speak to George Ide LLP, wills and trusts solicitors about setting up a testamentary trust.
Testamentary trusts are those which come into action after you have passed away.
Most people set up a testamentary trust because they wish to ensure the future care of children, dependents or vulnerable love ones.
A will can contain provision for more than a single testamentary trust. By making this provision you will become the testator, also known as “settlor”, “grantor” or “donor”.
As a testator you will need to ensure that you have a trustworthy person to carry out the wishes you have expressed for your trust. The person who does this is called the “trustee” – he or she may be appointed by you or, alternatively, by probate.
Those who stand to benefit under the terms of your testamentary trust are known as beneficiaries.
Your trust may lay out certain conditions under which the intended beneficiaries can benefit from your trust. For example, minors may be required to reach a certain age before being entitled to benefit.
There are many advantages to setting up a testamentary trust. For example, this type of trust allows you to distribute money to your beneficiaries on your terms, helping ensure that although you may be gone your influence and wishes retain influence through the power of your estate.
Furthermore, outside of normal wills and probate costs, it is a relatively inexpensive way of ensuring the smooth succession of an estate.
Testamentary trusts can also deliver tax benefits and help protect assets from falling into the hands of creditors after you die.
Speak to our wills, probate and trusts solicitors over the phone or via an email. Click on the solicitor profiles on the right of this page for more information.