What is a testamentary trust?

A testamentary trust is a type of trust created through a will or testament. This type of trust is established upon the death of the trust creator and typically comes into effect after they have passed away. Testamentary trusts are established in order to protect and maintain assets for the future of the trust creator’s beneficiaries. These trusts can be used to protect assets, such as investments or property, from claims against them, or to provide for family members who might need financial support after the trust creator has died. Funds placed into a testamentary trust may also be used to provide for charitable donations, special purposes, or other purposes directed by the trust creator. In the state of Virginia, testamentary trust is regulated by the states disability and planning law. Under this law, the trusts are able to provide protection for assets and provide for the trust creator’s family members in the event of death. This type of trust is also able to provide tax benefits to the trust creator, depending on how the trust is structured. Testamentary trusts are a great way to ensure that your assets are taken care of and are protected after you pass away.

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What is a testamentary trust?

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