Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

WHAT IS THE DIFFERENCE BETWEEN A TESTAMENTARY TRUST AND A LIVING TRUST?

0
Posted

WHAT IS THE DIFFERENCE BETWEEN A TESTAMENTARY TRUST AND A LIVING TRUST?

0

A testamentary trust is a trust that is specifically written into your Will; it springs into being when you die. The disadvantage of this kind of a trust is that by being a part of your Will, the law requires that the probate court supervise the trust for as long as it is in effect. This eliminates many of the advantages of a trust such as privacy, speed of administration and reduced costs. A better way for many people is a “pour over Will” that is separate from your trust that pours over into a separately existing trust written during your lifetime any assets not already into the trust. In this way your trust avoids probate.

Related Questions

Thanksgiving questions

*Sadly, we had to bring back ads too. Hopefully more targeted.