Testamentary Trust

A trustAn arrangement in which property interests are legally held by one person (the trustee) at the request of another (the settlor) for the benefit of a third party (the beneficiary). that is created by a willA legal document which expresses a person’s final wishes about what happens to their property after they pass away, often specifically identifying intended beneficiaries for specific items of property. and takes effect upon the death of the testatorThe individual who creates a will./settlor. A will may create more than one testamentary trust, and a testamentary trust may include all or only a portion of the assets of the estateThe assets and liabilities left behind by a decedent..