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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
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