Who Is Testamentary Trustee In Your Will?

Testamentary trust is usually included in one's will and takes effect upon one's passing on. Here the law stipulates that upon the application of a testamentary trust, the person entrusted by the owner of the will, shall be responsible of running and taking care of his/her wealth on behalf of the charged beneficiaries. This is only possible when you write a will stating in writing the person you leave in charge and terms under which they are to run your wealth. Testamentary trust has three parts.

Firstly, a Grantor, Trustier or Settlor is called upon to make the trust. Thereafter, the trustee who is left in charge of making sure the terms included in the trust are adhered is also formalized. Then there is the beneficiaries who are to receive the wealth. All these steps are equally important for a legal giving and receivership of wealth; whichever the form.

Before drafting such a trust, one should get estate planning advice from their accountant so as to be furnished with all the information on the kind of trust he/she is setting up. Here one shall be guided on the advantages that such a trust may offer depending on the financial position one is in and the general family set up.

Testamentary trust has attracted most individuals for the fact that incase of his/her death; one's family will have avoided the tussles with creditors and litigations where any professional negligence may be forwarded upon your death. This trust has the obligation of protecting the beneficiary in instances where they are not of sound mind or where by they misuse the wealth left behind. Apart from the benefits derived, one will incur administrative costs that are due for the maintenance of such a trust.

Therefore, it is important to ensure that the property is worth enough to necessitate a will trust. If you are unable to determine this, you can consult from property valuers or the trustee to decide whether it is worthy making a will trust.

You can assign the trustee as your partner, the lawyer who helped in the execution of the will or your children. The testamentary trust allocates complete control of the trust to the person entitled the trustee and thus one should ensure that you look into a person who you trust and have known over the years so as to guarantee your beneficiaries won't be frustrated upon your death. There is the option of having several trusts with different trustees.