What is a testamentary trust?

A testamentary trust is a type of trust established as part of an individual’s will. It comes into effect upon the death of the grantor, or the person who creates the trust. This type of trust is generally set up to hold assets for the individual’s beneficiaries, such as a spouse, children, or other family members. In Washington, a testamentary trust can be established for a variety of reasons, including providing for the care of minor children, protecting assets, and distributing funds to multiple beneficiaries. When setting up a testamentary trust in Washington, the grantor must name a trustee, who is responsible for administering the trust. The trustee is usually given the authority to manage, invest, and distribute funds in line with the grantor’s wishes. The grantor will also need to specify exactly who the beneficiaries of the trust are, as well as their ages. Additionally, the grantor should include specific instructions on how the trust should be managed, what type of investments should be made, and how the assets should be distributed. Testamentary trusts can be an important tool for protecting the interests of a grantor’s family and ensuring that their wishes for their beneficiaries are carried out. By setting up a testamentary trust in Washington, a grantor can be confident that their wishes will be followed, even after they are no longer present.

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