Testamentary Trust: A trust set up by a will.
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Testamentary trust - A trust set up by a will.
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Testamentary Trust at Legal Glossary What is it? A trust created by a will, effective only upon the death of the willmaker.
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Testamentary Trust definition:
A trust created by a will and which takes effect upon the death of the testator.
Related Terms: Bare Trust, Blind Trust ...
Testamentary Trust
A trust formed as per the indication given in the will after the death of the person who created the will.
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Testamentary trust - A trust set up by a will.
Testator - Person who makes a will (Female: testatrix).
Testimony - The evidence given by a witness under oath. It does not include evidence from documents and other physical evidence.
Testamentary Trust:
A trust which is to take effect only upon the death of the settlor and is commonly found as part of a will. Trusts which take effect during the life of the settlor are called inter vivos trusts.
TESTAMENTARY TRUST: A trust created by the provisions in a will. Typically comes into existence after the writer of the will dies.
TESTATOR: The person who makes a will.
TITLE: Ownership of property.
Testamentary Trust - A trust set up by a will. This trust becomes effective only upon the death of the testator.
Testator - Person who makes a will (female: testatrix) ...
testamentary trustee In probate, a person appointed as trustee in a person's will, or a person appointed by the court to serve as a trustee of a trust created by a will.
testamentary trust
n. a trust created by the terms of a will. Example: "The residue of my estate shall form the corpus (body) of a trust, with the executor as trustee, for my children's health and education, ...
It can be contrasted with the testamentary trust, which is to take effect only upon the settlor's death. Another example is the sale of a life estate which can only occur between persons living; i.e. inter vivos.
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An inter vivos trust takes effect while the testator is alive. whereas a testamentary trust takes effect upon the settlor's death. Another example is the sale of a life estate which can only occur between living persons.
DISTRIBUTEE -- One who receives property from a personal representative (but not a creditor or purchaser); a testamentary trustee to the extent of assets remaining in his/her hands; a beneficiary taking through a trustee.
Inter vivos: (Latin: between living persons) An inter vivos trust is set up to take effect while the settlor is still alive (as opposed to a testamentary trust, which takes effect only on the settlor's death).
 See also: Will, Testamentary, Trust, Court, Law
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