What is a testamentary trust?

A testamentary trust is a type of trust that is created through a will. It is a written document that becomes effective upon the death of the testator (the person who made the will). In Virginia, a testamentary trust allows estate assets to be held in a trust for the benefit of others. The trust is established by the will of the deceased, and can be managed by them or a designated trustee. The trust is usually created to pass assets to beneficiaries with special needs or who may not be ready to handle the assets. These trusts can be used to provide for lifetime income, long-term care, education, and other needs of the beneficiaries. The trust is administered according to the terms stated in the will. The trustee is responsible for managing the assets and carrying out the wishes of the deceased. In Virginia, the trustee is required to follow certain fiduciary duties, such as keeping records of the trust and providing periodic accountings. The trustee must also act in the best interest of the beneficiaries and protect the trust assets from misuse. In summary, a testamentary trust is a trust created by a will that allows the deceased to provide for others through the management of assets. It is a way for the deceased to ensure that their wishes are carried out in a way that is responsible and in the best interests of the beneficiaries.

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