20 June 2024

The Vicca Podcast

Ep. 22 The essentials of Testamentary Trusts - what are they and how they can work for you!

Today, we are diving into the world of testamentary trusts. Many people approach me with questions about testamentary trusts, often without fully understanding what they entail. A testamentary trust, or TT as it’s known in the estate planning world, is a trust that is created through a will. Unlike a family trust, which is established during a person’s lifetime, a testamentary trust comes into effect only after the will-maker (the testator) passes away.

Imagine you have a house, some cash in the bank, and shares. Upon your death, these assets are transferred into the testamentary trust, which is managed by a trustee. The trustee is responsible for the day-to-day management of these assets and does so for the benefit of the beneficiaries. Beneficiaries are the individuals entitled to receive income and capital from the trust, though they do not own the assets directly.

In this podcast, we’ll break down the essentials of testamentary trusts, their benefits, and why you might consider including one in your estate plan.

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