A testamentary trust is used to manage assets of an estate after the death of the settlor. This type of trust has very specific uses, and may be an instrument to consider as you plan your estate. A Trust Attorney in Conroe can help you determine whether a testamentary trust is right for you.
What a Testamentary Trust Does
The testamentary trust takes effect upon the death of the settlor. An estate may have a number of testamentary trusts, but the main purpose is to manage assets for certain beneficiaries, most often minor children. Your Trust Attorney in Conroe will tell you that testamentary trusts are created in the last will and testament. Such a trust can be altered while the settlor is alive, but cannot be changed thereafter.
Advantages and Disadvantages
Testamentary trusts are not expensive to create. But, if a settlor's estate is near the limit for avoiding estate taxes, this type of trust can help as it may remove a portion of the estate from the taxable total.
It is important to work with a Trust Attorney in Conroe to make sure that you set up the testamentary trust properly. You also need to take care in choosing the trustee wisely—only consider someone whom you trust implicitly. It should be noted that the named trustee is not required to accept the position. If there is no trustee and the settlor has passed, the probate court will appoint another individual.
Call a Trust Attorney in Conroe if You Need Help with Estate Planning
If you are considering a testamentary trust, or would like to discuss another estate planning or probate matter, a Trust Attorney in Conroe can help. Call Peterson Law Group to arrange an initial consultation today at 979-703-7014 or 936-337-4681.