How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds
Ask a Estate Law question
Type Your Estate Law Question Here...
characters left:
8 Estate Lawyers are Online Now

Testamentary Trust

A testamentary trust is a specific trust that is made when the testator passes away. This trust is often made for younger children who are still considered minors or even young adults to whom life insurance will be divided equally in the event of the death of a parent. This is normally included in a part of the testator’s will. Also, a testamentary trust will appoint a trustee to overlook the funds placed in the trust until the time the trust expires. This could be when a child is finished with their schooling, or when they have reached a certain age. Given below are a few questions on testamentary trusts answered by the Experts.

What is the difference between a Testamentary Trust and a Living Trust?

The difference between a testamentary trust and a living trust is that a testamentary trust is not made until after the death of a person unlike a living trust. A testamentary trust can be set up under the deceased’s Last Will and Testament, Revocable Living Trust or even an Irrevocable Life Insurance Trust. These trusts are not allowed to be adjusted. A living trust is made up during the life of an individual. The living trust will include a revocable and irrevocable trust. As to whether a living trust will be classified as revocable or irrevocable will depend on how the trust was made and what the reason behind making the trust was.

In the event of the death of a trustee of a testamentary trust, will the beneficiary be entitled to know the possessions listed in the trust?

A current beneficiary that is assigned to the trust can ask for information that is listed in the trust relating to its possessions. If the testamentary trust was not made under the will of the deceased then the beneficiary will not have the right to this type of information. By the stated law, all beneficiaries are allowed to receive this information because they will need to overlook and maintain the actions of the trustee and make sure that the trustee is taking care of the trust properly.

If someone created a testamentary trust, would a will and a trust need to be included?

Many times a testamentary trust is formed within the will and isn’t a different legal document. The trust will only take effect when the individual who created the will dies. This is different from an inter vivos trust which is still legal during the lifetime of the creator. These two different trusts are often mixed up by people.

In the State of Colorado, where can someone find a copy of a testamentary trust and would it be possible to view the will publicly after the creator is deceased?

In this case, in order for the will to go to probate, the individual would need to file this with the probate court. Once the will is filed, this becomes available to the public under the public records. Once this is within the public records, this can be viewed and copied by anyone who asks for it. In order to find a testamentary the individual will need to go to the county where the deceased lived when they passed away. Should the trust not be part of the will, only beneficiaries or the trustee would be entitled to a copy.

When dealing with a testamentary trust there are many questions that you could have that include where a testamentary trust can be found, who is responsible for the testamentary trust and so on. While you may be able to find some of these answers on your own, at other times it would be better to seek professional advice. Put your questions to the Legal Experts now for insights and information that can help you handle your own case smoothly and efficiently
Ask a Estate Law question
Type Your Estate Law Question Here...
characters left:
8 Estate Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Ron

    ASE Certified Technician

    Satisfied Customers:

    21193
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
< Last | Next >
  • http://ww2.justanswer.com/uploads/FO/fordguy4u/2011-12-17_222940_HPIM1257.64x64.JPG Ron's Avatar

    Ron

    ASE Certified Technician

    Satisfied Customers:

    21193
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
  • http://ww2.justanswer.com/uploads/lyeung1/2010-07-25_032152_tn_IMG_0241.JPG Dr. Y.'s Avatar

    Dr. Y.

    Urologist

    Satisfied Customers:

    18394
    I am fellowship trained specializing in general urology and reconstructive urology.
  • http://ww2.justanswer.com/uploads/docjohn174/2008-12-13_170143_johnask.jpg John's Avatar

    John

    Home Appliance Technician

    Satisfied Customers:

    13453
    Appliance repair business owner for over 43 years.
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8492
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/dermdoc19/2010-09-30_160749_Photo_122807_015.JPG dermdoc19's Avatar

    dermdoc19

    Dermatologist

    Satisfied Customers:

    3849
    30 years practice in general and cosmetic dermatology
  • http://ww2.justanswer.com/uploads/BI/birddoctor/2012-6-22_173214_birddoctor.64x64.png Dr. Pat's Avatar

    Dr. Pat

    Bird Veterinarian

    Satisfied Customers:

    3384
    25+ years working primarily or exclusively with birds
  • http://ww2.justanswer.com/uploads/RY/rydergar/2012-6-6_192240_IMG0328.64x64.JPG Dr. Gary's Avatar

    Dr. Gary

    Cat Veterinarian

    Satisfied Customers:

    3299
    DVM, Emergency Veterinarian, BS (Physiology)