Testamentary Trusts are trusts created within a Last Will and Testament. The terms of the Trust do not take effect until your death.
A Testamentary Trust is a part of your Will so it still must pass through probate, disallowing any cost-saving benefits, while still utilizing the ability of a trust to provide for heirs over time. However, it is a good way for parents to control bequests to minors or to spendthrift heirs.
Call The Law Office of Mary Beth Kelly, LLC in Lake Mary at 407-536-6901 or send an email to discuss the benefits of a testamentary trust today.