What is a testamentary trust?

A testamentary trust is a type of trust created in a will. It is a way for the testator (person making the will) to make sure his or her assets are managed the way he or she wishes after his or her death. In South Carolina, a testamentary trust is set up when the will is executed. The trust provisions are then put into effect when the testator passes away. The trust is created by the testator, and is managed by a trustee. The trustee is responsible for managing the trust on behalf of the beneficiaries. The trust will detail the trustee’s responsibilities, including investment options and paying out money to the beneficiaries. It will also state how the assets are to be distributed after the testator passes away. A testamentary trust is an important tool to help make sure the testator’s wishes are fulfilled. It allows the estate to be managed efficiently, and can be used to minimize taxes and protect the assets from creditors. It is also a way to provide for minor children, as the trustee can decide when to distribute money if the beneficiary is not of legal age to manage the money. In South Carolina, a testamentary trust must comply with all laws and are subject to court approval. A lawyer can assist in making sure the trust is properly created and all laws are followed. It is important to make sure everything is in order to ensure the trust is enforced and the testator’s wishes are carried out.

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