What is a testamentary trust?

A testamentary trust is a type of trust that is created from the provisions of a will or trust document. Essentially, it is a trust that is created upon the death of an individual. This type of trust is commonly used to pass assets such as real estate, investments, family heirlooms, and other legal interests to heirs in a beneficial, protective manner. In the state of Washington, testamentary trusts are regulated by the Washington Probate Code and are considered part of the larger body of law known as probate law. A testamentary trust can provide beneficiaries with a number of benefits, such as protection from creditors, preservation of wealth, and ensuring assets are distributed according to the creator’s wishes. Unlike a revocable trust, a testamentary trust is created through a will or trust instrument and therefore cannot be modified or terminated until the death of the grantor. In general, a testamentary trust will be created upon the grantor’s death, and the grantor’s assets will be transferred to the trust. The grantor will designate a trustee to manage the assets and ensure that the provisions of the trust are met. The trust will also provide instructions for how the assets are to be distributed to beneficiaries. In some cases, assets may remain in the trust for a specific period of time before they are allowed to be distributed to heirs. In Washington, testamentary trusts must be administered in accordance with the Washington Probate Code, which details the rights and responsibilities of all parties involved. Testamentary trusts can be complicated and require the assistance of a knowledgeable Washington probate lawyer to ensure that all applicable legal requirements are met.

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What is a testamentary trust?

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