What is a testamentary trust?

A testamentary trust is a legal arrangement created in a person’s will after their death and is governed by estate planning law in Kansas. The trust document outlines the terms and conditions of the trust, which is managed by a trustee who is responsible for safeguarding and investing the assets for the benefit of the trust’s beneficiaries. The trust document usually states how the money should be invested, when the beneficiaries should receive funding, and how the principal should be distributed when the trust ends. It can sometimes even provide provisions for the maintenance and care of pets or other family members, such as providing for their education and health needs. Testamentary trusts are flexible, allowing the testator to customize the terms of the trust to meet their specific wishes and desires. Trusts are also popular because they are a tax-efficiency way to transfer wealth. Through the trust, estate taxes may be reduced or deferred, allowing the assets to remain in the trust for longer. In addition, a testamentary trust can be used to protect assets from creditors or to provide for long-term care. This is especially important if you want to ensure that your assets are used for the benefit of your loved ones and not squandered carelessly.

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What is a testamentary trust?

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