What is a testamentary trust?
A testamentary trust is a type of trust that is created after a person’s death. It is specified in the deceased person’s will and is used to manage and distribute the deceased’s assets and property. In California, a testamentary trust is established by the executor or personal representative of the deceased’s estate. The assets specified in the will are transferred to the trust and the trust then manages and distributes the assets in accordance with the instructions of the deceased as outlined in the will. In many cases, the trust can continue to operate and manage the assets after the deceased’s death for many years. The trust is managed by a trustee who is responsible for administering the trust according to the deceased’s wishes. In California, the trustee may be required to provide an annual report to the beneficiaries which outlines the income, expenses, gains and losses of the trust. Testamentary trusts are an important part of inheritance law and can help to ensure that the deceased’s assets are distributed according to their wishes.
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