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Definitions from WordNet

Definitions from the Web

Testamentary Trust

Description:

A testamentary trust is a legal arrangement created in a person's will, specifying how their assets or estate should be managed and distributed after their death. This type of trust only takes effect upon the individual's death.

Sample Sentences:

• John established a testamentary trust in his will, ensuring that his children will have financial security after he passes away.
• The testamentary trust stipulates that the trust funds must be used for the education and well-being of the grandchildren.
• Upon her demise, Mrs. Anderson's estate was transferred into a testamentary trust to be managed by her sister.

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