What is a testamentary trust?

A testamentary trust is a type of estate planning tool used in Nebraska estate planning law. It is a trust created through the terms of a will or a trust document, so it comes into effect upon the death of the will maker (or grantor). With a testamentary trust, the funds are held in trust for the benefit of a particular individual, usually for a specified period of time. A testamentary trust provides more of an assurance that the assets of the deceased are going to be used in accordance with the deceased’s wishes. It is also used for estate tax planning purposes. Under Nebraska estate planning law, the trustee of a testamentary trust has to administer the trust in accordance with the terms of the trust document. This means that the trustee must ensure that all funds are properly managed and invested for the benefit of the trust’s beneficiary. The trustee is also responsible for making sure that the funds are used in accordance with the terms of the trust document. In addition, the trustee is obligated to provide a full accounting of the trust’s activities to the beneficiary and, if necessary, to the court. Ultimately, a testamentary trust is an effective way for individuals in Nebraska to ensure that their assets are managed in accordance with their wishes, even after death. It also provides estate tax benefits, since the assets held in the trust are not included in the grantor’s estate and will not be subject to estate taxes.

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What is a testamentary trust?

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