Testamentary trusts offer the advantage of being amendable and revocable during the testator's life. However, because they are created in a will, they do not avoid the probate process. To determine whether this type of trust is an appropriate option for you and your family, speak with an experienced wills and trusts attorney.
Choosing the right trust can be confusing if you do not have legal counsel. The Annapolis testamentary trust lawyers at Bernstein & Feldman, P.A., can help you assess your estate planning needs and decide which type of trust will work for you and your beneficiaries.
Leave Assets To A Spouse Or Child
A testamentary trust transfers ownership of assets upon the testator's death. The assets will go through probate at this time.
A few of the most common testamentary trusts include:
- Credit shelter trusts
- Marital or child trusts created in a will
Testamentary trusts are often used to leave money to minor children through a will. The law requires that substantial gifts of money or property left to minors be managed by an adult. Creating a testamentary trust in a will allows you to leave a gift to a minor child and to name a guardian as trustee of the assets.
The trustee will manage the trust until the minor is old enough to manage the assets him or herself. As the testator, you may choose the age at which the minor receives the assets outright. We can help you consider who to name as trustee and what age may be appropriate for the children to receive the assets.
Contact Our Baltimore Trust Lawyers
To schedule an appointment, please call us in Maryland at 410-216-4006 or contact us online.