testamentary trust

Thesaurus

Noun

testamentary trust - a trust that is created under a will and that becomes active after the grantor diestrust - something (as property) held by one party (the trustee) for the benefit of another (the beneficiary); "he is the beneficiary of a generous trust set up by his father"

testamentary trust

n. a trust created by the terms of a will. Example: "The residue of my estate shall form the corpus (body) of a trust, with the executor as trustee, for my children's health and education, which shall terminate when the last child attains the age of 25, when the remaining corpus and any accumulated profits shall be divided among my then living children." A testamentary trust differs from an "intervivos" or "living" trust which comes into being during the lifetime of the creator of the trust (called trustor, settlor or donor), usually from the time the Declaration of Trust is signed. (See: will, trust, living trust)

testamentary trust

Testamentary trust

A trust created by a will, that is scheduled to occur after the maker's death.

Testamentary Trust

A trust created in a will. A testamentary trust is considered part of an estate and is therefore subject to estate taxes, if any. However, a testamentary trust is useful if the deceased has minor children whose assets need to be managed before they reach maturity. The trustee of the testamentary trust does this on behalf of the estate.

testamentary trust

A trust created by a person's will, thereby not effective until the death of the testator. Testamentary trusts are used chiefly by wealthy individuals who are concerned about their beneficiaries' ability to administer large amounts of assets.

testamentary trust

A trust created by one's last will and testament.

testamentary trust

noun

Words related to testamentary trust

noun a trust that is created under a will and that becomes active after the grantor dies

Related Words

trust

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