The testamentary trust is a trust created by a will which takes effect only upon the death of the person who made the will, also known as the Testator. The primary difference between a testamentary trust and an inter vivos trust is that the trust is under the supervision of the Probate Court from its creation (i.e., the death of the Testator) through to its final distribution. While there are excellent reasons for the usual inter vivos trusts, whether revocable or irrevocable, two reasons for a testamentary trust are that the Testator need not relinquish rights or liquidity until he or she passes away - and might further benefit from the oversight of the local Probate Court in order to ensure that his or her directives within the trust are strictly observed.
As the saying goes, you can't take it with you. But you can plan to assist others after you pass away.
If you don't have a will, contact Gray and Duning to make an appointment. For simple wills as well as other estate planning instruments, we can provide your legal services on the same day. If you call before the close of business on February 12 to set up an appointment and mention LinkedIn, we'll draft a simple will, power of attorney, durable medical power of attorney and living will for you for $300.00. The appointment will last no more than two hours and you'll leave with basic estate planning documents in place.
Contact Tia at (513) 932-2871 to set up an appointment.