Testamentary Trusts - Every Young Family Should Have One

Extract

It is very common for individuals during their lifetimes to establish trusts (known as inter vivos trusts) to hold investments, to conduct a business or for other purposes. A testamentary trust is simply a trust that is established by your will. The testamentary trust comes into existence after you die. It is this establishment on death that distinguishes a testamentary trust from an inter vivos trust. The rules of inter vivos trusts are usually contained in a document called a trust deed. In contrast, the rules of a testamentary trust are contained in your will. No other legal formality or procedure is required to establish a testamentary trust.

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