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Practice Areas
Wills, Estates, Trusts, Corporate, Tax
TESTAMENTARY TRUSTS
Unlike living trusts, testamentary trusts only take effect after you pass away. Unlike living trusts, a third party, such as a loved one and/or a trust company, acts as the trustee(s). A testamentary trust is a part of your Last Will and Testament. Depending on the type of trust and your financial situation, the use of a testamentary trust can save you and your loved ones a significant amount of death taxes. A testamentary trust is also an effective vehicle to manage assets for younger or disabled loved ones as well as for those who are not good at managing their own money.
Another attractive feature of a testamentary trust is that no fees are paid to any trustee until after your death. Because the trust is part of your Will, you can change it at any time.