Testamentary Trusts

Testamentary trusts are trusts created in a will. Trusts are commonly created to provide for minor children following a parent’s death.

Advantages of testamentary trusts include:

• Lessens or eliminates court control over sales, investments, and accounting

• Greater flexibility in design of trust

• Title to property vests in trustee. Transfers from trustee to third parties are not voidable.

• Testator controls age of distribution

A trustee manages and distributes the assets of a trust in accordance with its terms. The powers and duties of the trustee are normally incorporated by reference to state statute.