Private Trust Services
Testamentary Trust
This is a Trust that is established through a person’s will and only takes effect upon their death. It allows the testator (the person making the will) to dictate how their assets will be managed and distributed to beneficiaries over time. This type of trust is particularly useful for providing ongoing support to loved ones, protecting assets, and ensuring a structured transfer of wealth.
A testamentary trust enables the testator to specify when and how beneficiaries receive their inheritance, which can be especially important for minors, individuals with disabilities, or beneficiaries who may need financial protection. For example, the trust can release funds at specific ages or milestones, such as completing education.
Who needs this?
Are you looking to set up a Will while delaying the distribution of your assets?
Are your beneficiaries minors?
This Trust might be for you!
BENEFITS
- It can provide a steady stream of income or financial assistance to beneficiaries over time, particularly for dependents or family members needing long-term care.
- It allows the testator to determine how and when beneficiaries receive their inheritance, making it ideal for minors, individuals with special needs, or beneficiaries who may need financial oversight.
Talk to a trust advisor now
“For more information regarding setting up a Testamentary Trust, please contact us today.”
