{"id":1090,"date":"2019-01-21T19:45:01","date_gmt":"2019-01-22T02:45:01","guid":{"rendered":"https:\/\/ogbornelaw.com\/?p=1090"},"modified":"2023-07-21T20:58:31","modified_gmt":"2023-07-21T20:58:31","slug":"why-you-should-avoid-a-testamentary-trust","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/why-you-should-avoid-a-testamentary-trust\/","title":{"rendered":"Why you should avoid a testamentary trust"},"content":{"rendered":"<p>When it comes time to start the estate planning process, you may be exploring various trust options to provide for your loved ones after your death. One option is a testamentary trust. This document goes into effect after you die. It&#8217;s often used when a minor is included as a beneficiary.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/why-you-should-avoid-a-testamentary-trust\/#What_is_a_Testamentary_Trust\" >What is a Testamentary Trust?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/why-you-should-avoid-a-testamentary-trust\/#Testamentary_Trust_Problems\" >Testamentary Trust Problems<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/why-you-should-avoid-a-testamentary-trust\/#A_Better_Option\" >A Better Option<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/why-you-should-avoid-a-testamentary-trust\/#Learn_More_About_Trusts\" >Learn More About Trusts<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_a_Testamentary_Trust\"><\/span>What is a Testamentary Trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A testamentary trust is a part of a last will and testament. It explains the distribution of your assets. Some people choose to create a separate testamentary trust for each beneficiary. An attorney will review your situation and help you determine if this is necessary.<\/p>\n<p>A <a href=\"https:\/\/ogbornelaw.com\/estate-planning-mistakes-and-how-to-avoid-them-2\/\" target=\"_blank\" rel=\"noopener noreferrer\">common misconception<\/a> about using a testamentary trust is that the process helps your beneficiaries avoid probate and its associated costs. However, the opposite is actually true. After you have passed on, unlike a revocable trust, your testamentary trust goes into probate. During this time, the court evaluates your last will and testament so that your wishes can be carried out. The trust is created during the probate process.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Testamentary_Trust_Problems\"><\/span>Testamentary Trust Problems<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A testamentary trust has drawbacks. For starters, the trust won&#8217;t be created until after your death. This means you can&#8217;t transfer assets to fund\u00a0the trust during your lifetime. It also limits the control you&#8217;ll have over how it&#8217;s carried out.<\/p>\n<p>You&#8217;ll have to have faith in your appointed trustee to fulfill your wishes.\u00a0Furthermore, your trustee can decline the position at any time. If that happens after you die, the court will appoint a new trustee who may or may not be faithful to your wishes.<\/p>\n<p>Once your testamentary trust is established, the probate court will check in regularly to verify the execution. This results in additional fees, which can reduce the amount your beneficiaries ultimately receive. The probate fees can really add up, depending on the duration of your trust.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_Better_Option\"><\/span>A Better Option<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Are you worrying about whether or not your trustee will actually follow your wishes? Instead of creating a testamentary trust within your will, you may want to consider establishing a revocable trust for your loved ones while you&#8217;re still alive. <a href=\"https:\/\/ogbornelaw.com\/when-estate-planning\/\" target=\"_blank\" rel=\"noopener noreferrer\">Planning your estate<\/a> in this manner will eliminate many of the problems associated with a testamentary trust.<\/p>\n<p>A <a href=\"https:\/\/ogbornelaw.com\/5-surprising-facts-about-a-living-revocable-trust\/\" target=\"_blank\" rel=\"noopener noreferrer\">revocable trust<\/a> allows you to:<\/p>\n<ul>\n<li><strong>Establish the trust while you&#8217;re still alive.<\/strong> This way, you can specify any conditions and requirements from the start. You won&#8217;t have to rely on the probate court to handle this task for you.<\/li>\n<li><strong>Work closely with your trustee from the beginning.\u00a0<\/strong>This enables you to make sure they&#8217;re willing and able to execute the trust for you. The goal is to appoint someone who can fulfill the duties without needing a new trustee appointed later. Involving them from the start gives them an opportunity to fully understand and execute your wishes.<\/li>\n<\/ul>\n<p>One of the greatest benefits of a revocable trust is that all of the assets in the trust remain yours as long as you&#8217;re alive. This includes any income the investments or savings accounts in your trust generates. You&#8217;re free to add or remove funds as you please if your situation or wishes change in the future. This gives you the greatest possible control over your assets until you reach the end of your life and the trust passes to your beneficiaries.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Learn_More_About_Trusts\"><\/span>Learn More About Trusts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you&#8217;re unsure whether a testamentary trust or revocable trust is better for your situation, get in touch with <a href=\"https:\/\/ogbornelaw.com\/about-us\/\" target=\"_blank\" rel=\"noopener noreferrer\">Ogborne Law<\/a>. We&#8217;ll work with you to evaluate your unique situation and determine which estate planning options make the most sense for <em>you<\/em>. <a href=\"https:\/\/ogbornelaw.com\/contact\/\" target=\"_blank\" rel=\"noopener noreferrer\">Call Ogborne Law today<\/a> to learn more about trusts and start putting together your estate planning documents today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A testamentary trust is a common estate planning tool, but it may not be your best option. Read on to learn why you may want to use a different document.\u00a0<\/p>\n","protected":false},"author":3,"featured_media":11412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-1090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","category-37","description-off"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why you should avoid a testamentary trust - Ogborne Law, PLC<\/title>\n<meta name=\"description\" content=\"A testamentary trust is a common estate planning tool, but it may not be your best option. 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