Definitions for testamentary trust
tes·ta·men·tary trust

Princeton's WordNetRate this definition:0.0 / 0 votes

1. testamentary trustnoun

   a trust that is created under a will and that becomes active after the grantor dies

ChatGPTRate this definition:0.0 / 0 votes

1. testamentary trust

   A testamentary trust is a legal arrangement created through specific provisions of a will, which comes into effect upon the testator's death. It involves appointing a trustee to manage and distribute assets to the beneficiary according to the terms set out in the will. This type of trust is often used when the beneficiaries are minors, have special needs, or are not believed to be capable of managing the assets themselves. It can offer tax benefits and provide a degree of control over when and how the assets are distributed.

WikidataRate this definition:0.0 / 0 votes

1. Testamentary trust

   A testamentary trust is a trust which arises upon the death of the testator, and which is specified in his or her will. Testamentary trusts are distinguished from inter vivos trusts, which are created during the settlor's lifetime. There are four parties involved in a testamentary trust: ⁕the person who specifies that the trust be created, usually as a part of his or her will, but it may be set up in abeyance during the person's lifetime. This person may be called the grantor or trustor, but is usually referred to as the settlor; ⁕the trustee, whose duty is to carry out the terms of the will. He or she may be named in the will, or may be appointed by the probate court which handles the will; ⁕the beneficiary, who will receive the benefits of the trust; ⁕Although not a party to the trust itself, the probate court is a necessary component of the trust's activity. It oversees the trustee's handling of the trust. A testamentary trust is a legal arrangement created as specified in a person's will, and is occasioned by the death of that person. It is created to address any estate accumulated during that person's lifetime or generated as a result of the death itself, such as a settlement in a wrongful-death suit, or the proceeds from a life insurance policy held on the settlor. A trust can be created to oversee such assets. A trustee is appointed to direct the trust until a set time when the trust expires, such as when minor beneficiaries reach a specified age or accomplish a deed such as completing a set educational goal or achieving a specified matrimonial status.

Matched Categories

1. • Trust

How to pronounce testamentary trust?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say testamentary trust in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of testamentary trust in Chaldean Numerology is: 4

2. Pythagorean Numerology

   The numerical value of testamentary trust in Pythagorean Numerology is: 7

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=testamentary trust
2. ^ ChatGPT
   https://chat.openai.com
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=testamentary trust