{"id":9922,"date":"2023-03-01T17:10:20","date_gmt":"2023-03-01T17:10:20","guid":{"rendered":"https:\/\/ogbornelaw.com\/?p=9922"},"modified":"2023-07-13T18:19:50","modified_gmt":"2023-07-13T18:19:50","slug":"what-is-a-testamentary-trust","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-a-testamentary-trust\/","title":{"rendered":"What is a Testamentary Trust?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<\/p>\n<p>A testamentary trust can guarantee children or others that need assistance overseeing the proceeds of your will are safeguarded.<\/p>\n<p>With so many kinds of trusts available, you may be wondering what places a testamentary trust apart from the others.<\/p>\n<p>The below you are going to find answers to frequently asked questions concerning a testamentary trust.<\/p>\n<ol>\n<li>\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\/what-is-a-testamentary-trust\/#A_testamentary_trust_what_is_it\" >A testamentary trust, what is it?<\/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\/what-is-a-testamentary-trust\/#Who_are_testamentary_trusts_devised_for\" >Who are testamentary trusts devised for?<\/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\/what-is-a-testamentary-trust\/#How_is_a_testamentary_trust_devised\" >How is a testamentary trust devised?<\/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\/what-is-a-testamentary-trust\/#When_is_a_testamentary_trust_devised\" >When is a testamentary trust devised?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-a-testamentary-trust\/#How_long_do_testamentary_trusts_last\" >How long do testamentary trusts last?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-a-testamentary-trust\/#What_is_the_probate_courts_purpose_in_a_testamentary_trust\" >What is the probate court&#8217;s purpose in a testamentary trust?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-a-testamentary-trust\/#Who_is_able_to_be_the_trustee_of_a_testamentary_trust\" >Who is able to be the trustee of a testamentary trust?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-a-testamentary-trust\/#Should_the_trustee_respect_the_conditions_set_out_for_expenses_in_the_will\" >Should the trustee respect the conditions set out for expenses in the will?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-a-testamentary-trust\/#When_does_it_stand_to_reason_to_choose_a_testamentary_trust\" >When does it stand to reason to choose a testamentary trust?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-a-testamentary-trust\/#What_is_the_expense_to_set_up_a_testamentary_trust\" >What is the expense to set up a testamentary trust?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-a-testamentary-trust\/#Source\" >Source:<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-a-testamentary-trust\/#Attorney_Arizona\" >Attorney Arizona<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"A_testamentary_trust_what_is_it\"><\/span>A testamentary trust, what is it?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p>A testamentary trust is one that is included in a last will and testament.<\/p>\n<p><strong><em>It stipulates for the allocations of all or a portion of an estate and usually revenue from a life insurance policy held on the individual setting up the trust.<\/em><\/strong><\/p>\n<p>There could be multiple testamentary trusts for each will.<\/p>\n<ol start=\"2\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Who_are_testamentary_trusts_devised_for\"><\/span>Who are testamentary trusts devised for?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p>Typically, testamentary trusts are devised for younger children, family members with disabilities, or others that might inherit large sums of money that enters the estate following the testator&#8217;s passing.<\/p>\n<ol start=\"3\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"How_is_a_testamentary_trust_devised\"><\/span>How is a testamentary trust devised?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p>This type of trust is outfitted for in a last will by the \u201csettlor,\u201d that names a \u201ctrustee\u201d to oversee the funds through the trust pending the \u201cbeneficiary,\u201d or individual receiving the funds, assumes the role.<\/p>\n<ol start=\"4\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"When_is_a_testamentary_trust_devised\"><\/span>When is a testamentary trust devised?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p>The trust goes into effect at the conclusion of the probate process following the passing of the individual that has devised it for the benefit of their children or others.<\/p>\n<p>Note: This varies from \u201cinter vivos\u201d trusts, which are devised throughout the lifetime of the settlor.<\/p>\n<ol start=\"5\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"How_long_do_testamentary_trusts_last\"><\/span>How long do testamentary trusts last?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p>A testamentary trust continues until it becomes invalid, which is given for in its conditions. General expiration dates could be when the beneficiary graduates from college, turns twenty-five, or marries someone.<\/p>\n<ol start=\"6\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"What_is_the_probate_courts_purpose_in_a_testamentary_trust\"><\/span>What is the probate court&#8217;s purpose in a testamentary trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p>After the date of the settlor&#8217;s passing until the termination of the trust, the probate court looks in on the trust to be sure it is getting managed appropriately. Subject to how long this time period lasts, legal fees could accrue, so this should be a concern when deciding whether to decide on a testamentary trust.<\/p>\n<ol start=\"7\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Who_is_able_to_be_the_trustee_of_a_testamentary_trust\"><\/span>Who is able to be the trustee of a testamentary trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p>The individual devising the trust can select anyone, but it must be someone the individual trusts to act in the children or others getting the trust funds best interests. If, for some reason, the individual selected refuses to take on the responsibility of trustee, somebody else may come forward or the court is going to appoint one.<\/p>\n<ol start=\"8\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Should_the_trustee_respect_the_conditions_set_out_for_expenses_in_the_will\"><\/span>Should the trustee respect the conditions set out for expenses in the will?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p>Not exactly, which is why it&#8217;s vital that the settlor selects someone trustworthy. Nevertheless, if the trustee is in violation the conditions of the trust, they could be accountable for damages.<\/p>\n<ol start=\"9\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"When_does_it_stand_to_reason_to_choose_a_testamentary_trust\"><\/span>When does it stand to reason to choose a testamentary trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p>When you devise a Last Will with minor children, it is typical to place their assets in a testamentary trust before they come to an age that you select. However, everyone&#8217;s situation is different, and you can speak with an attorney for legal counsel.<\/p>\n<ol start=\"10\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"What_is_the_expense_to_set_up_a_testamentary_trust\"><\/span>What is the expense to set up a testamentary trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p>It is typically affordable to include testamentary trust conditions throughout will preparation.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Source\"><\/span>Source:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ol>\n<li>\n<p style=\"margin-left: 28.35pt; text-indent: -28.35pt;\">10 things you should know about a testamentary trust. <a href=\"https:\/\/www.legalzoom.com\/articles\/10-things-you-should-know-about-a-testamentary-trust\">LegalZoom.<\/a> (n.d.). Retrieved February 28, 2023, from https:\/\/www.legalzoom.com\/articles\/10-things-you-should-know-about-a-testamentary-trust<\/p>\n<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Attorney_Arizona\"><\/span>Attorney Arizona<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><iframe loading=\"lazy\" style=\"border: 0;\" src=\"https:\/\/www.google.com\/maps\/embed?pb=!1m14!1m8!1m3!1d13295.289322404855!2d-111.972881!3d33.583962!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x0%3A0xa02db9a3ce093e9d!2sOgborne%20Law%20PLC!5e0!3m2!1sen!2sus!4v1575490314048!5m2!1sen!2sus\" width=\"100%\" height=\"150\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>There\u2019s nothing better than the peace of mind you will\u00a0have knowing you\u2019ve protected your family at a time when they need it most. Let us help. <a href=\"https:\/\/ogbornelaw.com\/schedule-a-consultation\/\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/schedule-a-consultation\/\">Schedule a consultation<\/a> or <a href=\"https:\/\/ogbornelaw.com\/contact\/\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/contact\/\">contact<\/a> Ogborne Law, PLC of Arizona today.<\/p>\n<p>You\u2019ve worked hard for your life, and you need to protect it. You owe it to your family and your legacy to take care of planning now. <a href=\"https:\/\/ogbornelaw.com\/contact\/\">Contact Ogborne Law<\/a> to schedule your estate-planning session.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text] A testamentary trust can guarantee children or others that need assistance overseeing the proceeds of your will are safeguarded. With so many kinds of trusts available, you may be wondering what places a testamentary trust apart from the others. The below you are going to find answers to frequently asked questions concerning a testamentary&hellip;<\/p>\n","protected":false},"author":3,"featured_media":10240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222,321,172],"tags":[],"class_list":["post-9922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-last-will-and-testament","category-testamentary-trust","category-trust","category-222","category-321","category-172","description-off"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a Testamentary Trust? - Ogborne Law<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Testamentary Trust? - Ogborne Law\" \/>\n<meta property=\"og:description\" content=\"[vc_row][vc_column][vc_column_text] A testamentary trust can guarantee children or others that need assistance overseeing the proceeds of your will are safeguarded. 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- Ogborne Law","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_US","og_type":"article","og_title":"What is a Testamentary Trust? - Ogborne Law","og_description":"[vc_row][vc_column][vc_column_text] A testamentary trust can guarantee children or others that need assistance overseeing the proceeds of your will are safeguarded. 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