Testamentary trusts are typically established by people who wish to provide for the care of children or other dependents once they have died. This is in contrast to a living trust, which is mainly concerned with things such as the limitation of tax liabilities and other similar financial affairs.
In the vast majority of cases testamentary trusts are set up as a result of a testator’s instructions in a will. Commonly, the testamentary trust is a way to ensure that assets are safeguarded until the point at which the beneficiary becomes capable of self-managing them.
The law allows for testators (settlors) to instruct trusts solicitors to make provision for more than one testamentary trust. As such, it is possible to take account of the concerns of multiple beneficiaries.
The role of the trustee
If you are going to set up a testamentary trust you will need to appoint a suitable person to carry out your wishes. This person is called the “trustee” and can be appointed by you or through the probate process.
Although trustees are appointed to fulfil the wishes of the testator/settlor and must follow any guidance provided in the trust instrument, they must nonetheless use their discretion to manage the trust in a way that is in the interests of the beneficiaries.
Probate lawyers for testamentary trusts
If you are considering the benefits of setting up a testamentary trust to distribute money to children or other dependents, it is essential that you receive advice from an experienced trusts solicitor.
Simply.Law is here to ensure you find the legal practitioner who is right for you. Our members are specialists and have experience of handling some of the most complex and difficult probate circumstances possible, including the successful formation of testamentary trusts. When you come to Simply.Law, our priority is always to find you the right solicitor for your needs. Let us help you make contact with a probate and trusts lawyer today.
