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The testamentary trust is a provision within the will that outlines the estates executor and instructs that person to create the trust. However, the trust is not immediately established after the persons death since the will must go through the probate process.
A testamentary trust is established as part of a Will and only begins upon the death of the person who made the Will. It is created to safeguard some or all of the deceased persons assets for the benefit of others. There are many types of assets that can be held in trust, including: investments.
A testamentary trust is a specific type of trust thats created as part of a last will and testament. A grantor (the creator of the trust) leaves instructions in their will for a named executor detailing how their assets are managed by a trustee and distributed to beneficiaries.
A testamentary spousal trust is a trust that is established for the benefit of your surviving spouse or common- law partner through provisions in your Will. For the purposes of this article, any reference to spouse includes a common-law partner.
Selecting the wrong trustee is easily the biggest blunder parents can make when setting up a trust fund. As estate planning attorneys, weve seen first-hand how this critical error undermines so many parents good intentions.

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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.

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