What is a testamentary trust?

A testamentary trust is a type of trust created under the terms of a will. It comes into effect when the person who created the will (the “testator”) dies. In Georgia, a testamentary trust is an irrevocable trust, meaning the terms of the trust cannot be changed after it has been created. The trust is funded with assets from the testator’s estate, such as real estate, investments, or a bank account. The trust is managed by a trustee, who is responsible for managing and controlling the assets of the trust. The purpose of a testamentary trust is to provide for the care of the testator’s beneficiaries (the people who receive money or assets), and to protect their assets by limiting access and ensuring that the money is used for the intended purpose. The trust can be used for a variety of purposes, including providing for the support of a minor child, providing for the medical or educational expenses of a beneficiary, or providing for the support of a disabled adult. The testamentary trust is a versatile tool that can also be used to protect assets from creditors, provide for estate taxes, or provide for charitable donations. Testamentary trusts are also sometimes used to provide for long-term care for recipients, such as nursing home care or assisted living. Testamentary trusts are a vital part of estate planning in Georgia, allowing individuals to control the disposition of their assets after death.

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What is a testamentary trust?

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