What is a testamentary trust?

A testamentary trust is a type of trust that is created through a will. These trusts are created after the death of the person, known as the settlor or testator, who made the will. The trust terms are laid out in the will and the assets of the trust are typically held in trust for the beneficiaries named in the will. The trust funds are distributed according to the terms laid out by the settlor. The purpose of a testamentary trust is to protect the assets left by the settlor and ensure that their wishes are carried out. For example, the trust can ensure that assets are held in trust until the beneficiary reaches a certain age. It can also ensure that the beneficiary receives their assets in a certain way, such as regular payments, or in lump sum payments. It can also provide for the care of minor children or those with special needs. In Kansas, testamentary trusts are recognized and governed by state law. The terms of the trust must be followed, and the trustee in charge of the trust must administer the trust in accordance with the stipulations or terms laid out by the settlor. The trust assets must also be properly managed and distributed according to the terms of the trust. It is important to ensure that the trust terms are followed, as failure to do so could result in the trust being invalidated.

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What is a testamentary trust?

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