What is a testamentary trust?
A testamentary trust is a type of trust created in a will after a person dies. It is a way for a person, known as a testator, to provide for a beneficiary or beneficiaries after their death. In the state of Washington, a testamentary trust may be created by the testator in their will to provide for the care and financial support of minors, disabled adults, or other individuals who are unable to care for themselves. The trust allows the testator to specify how the assets in the trust will be used to provide for the beneficiaries, such as income or educational expenses. The trust is typically managed by a trustee chosen by the testator in the will. The trustee is responsible for making sure that the trust is in compliance with the instructions the testator set forth and is responsible for the management and use of the trust assets. The trust is funded by assets specified by the testator in their will, which can include cash, real estate, investments, or other assets. In Washington, testamentary trusts are subject to certain rules and regulations, so it’s important to consult with an attorney to make sure the trust is set up correctly.
Related FAQs
What are the rules of intestacy?What is a surviving spouse’s right of election?
What is the purpose of a trust indenture?
What are the roles of a trust officer, trust attorney, and trust accountant?
What is a trustee removal clause?
What is a charitable lead trust?
What is the Rule Against Perpetuities?
What is the difference between a trust and a corporation?
What is the difference between a will and a trust?
What kind of investments are allowed in a trust?
Related Blog Posts
Understanding the Basics of Inheritance Laws: A Guide to Successfully Navigating State and Federal Statutes - July 31, 2023How to Ensure Your Estate Plan Reflects Your Wishes Through Inheritance Laws - August 7, 2023
Protect Your Rights as a Beneficiary: Understanding Your Legal Rights After Beneficiary Inheritance - August 14, 2023
Comprehending the Duties and Responsibilities of Executors of Estates: How to Properly Administer an Estate and Fulfill Inheritance Law Requirements - August 21, 2023
Maximizing the Benefits of Inheritance Law for Family Heirs of Estates - August 28, 2023