A testamentary trust is a type of trust that does not go into effect until the grantor (the person who made the trust) dies. This type of trust is typically made within a Will – often to create a trust for minors. Minors cannot receive substantial gifts directly; money or property left to minors must be managed by an adult. Using a testamentary trust in a Will allows you to leave a gift to a child or grandchild and also to name a trusted person as trustee of that gift. The trustee manages the trust until the minor becomes old enough to manage the property him or herself. (The age at which the minor receives the property outright is determined by the trust maker and is stated in the trust.)
If you have minor children or grandchildren and have questions about creating a trust in your Will for them, give us a call at 253.858.5434 to see how we can help. We proudly serve clients throughout Washington and Idaho and are available to meet in person, by phone, or via Skype or FaceTime.