What is a testamentary trust?

A testamentary trust, also known as a will trust, is a type of trust created in a person’s will, which holds and manages assets after death. These trusts are created to provide security and protection to beneficiaries who may need assistance in managing assets or who are too young to handle them responsibly. In West Virginia, testamentary trusts are governed by the West Virginia Uniform Trust Code, which outlines the required roles and responsibilities of the trustee in administering the trust. Generally, the trustee is responsible for managing and investing the trust’s assets, filing tax returns, and distributing assets to the designated beneficiaries according to the provisions of the trust. Testamentary trusts can be used for a variety of purposes, such as offering educational support or providing financial support for a child or other dependent, establishing a charity, or protecting assets from creditors. This type of trust is generally designed to be flexible and can be tailored to the specific needs of the beneficiaries. Despite the many benefits of testamentary trusts, it is important to remember that they are complex legal instruments and require the help of an experienced estate planning attorney to properly create, manage, and administer them. An attorney can guide you through the process and help you ensure that the trust is properly drafted to meet the needs of the beneficiaries.

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What is a testamentary trust?

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