What is a testamentary trust?

A testamentary trust is a trust established by an individual’s Will. This type of trust is created after the death of the individual and can be used to manage and distribute the assets of the deceased. In Nevada, these trusts are governed by the Nevada Revised Statutes, specifically Chapters 138 and 162A. The most common type of testamentary trust is a basic revocable trust, which allows the maker of the Will (also referred to as the “testator”) to give specific instructions on how their assets should be managed and distributed upon their death. This type of trust allows the testator to maintain control over their assets even after death. For example, the trust could dictate that the assets are to be distributed to the testator’s children upon their reaching a certain age. In addition to basic revocable trusts, Nevada law also allows for other types of testamentary trusts, such as irrevocable trusts, special-needs trusts, and credit shelter trusts. These special types of trusts provide greater flexibility in how assets are managed and distributed, and can help individuals manage their estate in a more efficient and tax-efficient manner. Regardless of the type of trust chosen, testamentary trusts typically provide the testator or their legal representative with greater control and flexibility when it comes to managing and distributing assets after death.

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What is a testamentary trust?

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