What is a testamentary trust?

A testamentary trust is a type of trust created by the terms of a will. It is a way of managing assets for the benefit of a third party after the individual’s death. In Minnesota, testamentary trusts are typically created by a will, although certain types of trusts may also be created during the individual’s lifetime. The testamentary trust is created by the will of the individual and is effective upon the death of the individual. The will informs the trustee, usually a family member or close friend, of how the assets should be managed. These instructions can include how investment decisions should be made, how income should be distributed, and the beneficiaries of the trust. In Minnesota, testamentary trusts are regulated by state laws. Trustees are required to act in accordance with the law and the instructions in the will. They must ensure that the assets are protected, managed, and distributed in accordance with the wishes of the testator. Testamentary trusts are beneficial because they provide the testator with a way to ensure that their assets are managed properly and distributed as they see fit. They also provide the testator a way to provide financial assistance to beneficiaries after their death. Testamentary trusts can be an excellent way to make sure the assets and wishes of the testator remain intact after death.

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What is a testamentary trust?

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