Testamentary Trust

A Testamentary trust is a trust that takes comes into effect at your death.  Usually they are created within a Will or a Revocable Living Trust.  Theses trusts can be used for many purposes.  They can create gifts to charity, create trusts for your heirs under a Will, or even be more advanced planning tools such as creating a Charitable Remainder Unitrust from Retirement Assets.  In fact, most of the Revocable Living Trusts created by Advanced Legal Planning, LLC will contain the creation of various testamentary trusts for spouse and beneficiaries.

The reasons for using a Testamentary trust as as varied as their uses.  The one common thread is that you do not wish the trust to be created or a gift to be made to it until your passing.

Remember, a trust, if properly drafted, is almost magical.  It can do whatever you dream of it doing (within the law).