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Click ‘Get Form’ to open the testamentary trust document in the editor.
In the first section, specify the number of months within which your executor must convert your estate into cash. Enter this number in the blank space provided.
Next, indicate the date of your executor's appointment and qualification by filling in the appropriate date in the designated field.
Identify the trustee by entering their name in the space labeled 'Name of Trustee.' This person will manage the trust according to your wishes.
Finally, describe the charitable purpose for which you are establishing this trust. Be clear and specific about how you want your assets to be used for charitable purposes.
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Testamentary trusts place the control of assets left in a will to one person or organisation the trustee while the financial benefits of those assets flow to beneficiaries.
What is the difference between a testamentary trust and a normal trust?
A testamentary power of appointment allows the holder of the power to modify the dispositive terms of a trust, in a broad or limited manner, at his or her death to provide flexibility for circumstances that were not known when the trust was originally created.
What are the disadvantages of a testamentary trust?
A will can be changed at any time before a person passes away. However, a testamentary trust is considered irrevocable because once it is created, following the death, it cannot be changed.
What are the benefits of a testamentary trust?
A living trust (sometimes called an inter vivos trust) is one created by the grantor during his or her lifetime, while a testamentary trust is a trust created by the grantors will. Only a funded living trust avoids probate court.
What is the purpose of a testamentary trust?
While testamentary trusts provide a structured framework for asset distribution, they offer deferred benefits as compared to family trusts. That is the trust will not be established until the event of death. In the meantime certain benefits relating to trusts may not apply.
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