What is a testamentary trust?
A testamentary trust is a type of trust that is created after the death of the settlor (the person who creates the trust). Under inheritance law in Hawaii, a testamentary trust can be set up in the will of the deceased. The will usually stipulates who the beneficiaries of the trust are, as well as how the trust assets should be managed and distributed. The executor of the will is then responsible for setting up and managing the trust according to the instructions in the will. A testamentary trust is a great way for the deceased person to ensure their assets are managed and distributed according to their wishes. It can also be used to minimize any taxes associated with the inheritance. The trust also allows the deceased person to continue to provide for their family members even after their death. Furthermore, a testamentary trust can be beneficial for family members who are not financially responsible or mature enough to manage assets. The trust can provide for their protection and provide income or gifts according to the terms set out in the trust agreement. Testamentary trusts can also provide for the care of a minor or an adult with special needs. In conclusion, a testamentary trust is a type of trust established in a will under inheritance law in Hawaii. This type of trust allows for assets to be managed and distributed according to the wishes of the deceased, and it can help to minimize taxes associated with the inheritance. It can also be used to ensure that family members are provided for according to the terms set out in the trust agreement.
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