What is a testamentary trust?

A testamentary trust is a trust established through a will. In Rhode Island, testamentary trusts are governed by disability planning law, which outlines the rights and responsibilities of the parties involved. The person creating the will, known as the testator, must make a valid will that names the beneficiaries, specifies the trust conditions, and states how the assets of the trust will be managed. The testator also names a trustee to manage the trust and its assets. The trustee is responsible for administering the trust and its assets according to the provisions of the will. This means they are responsible for making sure that the assets are invested and managed in a way that is in the best interest of the beneficiaries. The trustee is also responsible for following the testator’s instructions, making sure that all taxes and other costs are paid, and making sure that the beneficiaries receive the assets in accordance with the testator’s wishes. Testamentary trusts are an important part of disability planning law in Rhode Island. They provide a way for the testator to ensure that their assets will be managed and distributed according to their wishes, even if they are no longer able to manage them themselves.

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What is a testamentary trust?

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