
The Advantages of a Testamentary Trust
This legal document can also be beneficial in other situations, such as if you want to leave an inheritance to someone but aren’t sure they will use the gift wisely.

This legal document can also be beneficial in other situations, such as if you want to leave an inheritance to someone but aren’t sure they will use the gift wisely.

Do I need a trust in case something happens to me?

The trust is a very useful and flexible tool for estate planning, yet it is probably the most underused estate management technique. A trust is an artificial entity, something like a corporation, created by a document or instrument.

Estate planning is all about ensuring that your wishes are met after your death. All estate plans should include a will and powers of attorney. However, in many cases, a trust has additional benefits beyond what can be accomplished with the will and powers of attorney.

One component of your estate plan may be a testamentary trust, which is a legal document, usually created within a will, that becomes effective at your death.

Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.

Utilization of a testamentary trust for the surviving spouse is an excellent idea, whether the survivor is the husband or wife.