One of the advantages of a living trust is that the assets held within it are not subject to probate, which can be a complicated, drawn-out and costly process. As such, many people automatically choose living trusts as they plan their estates. But there is another type of trust: a testamentary trust. While probate is involved, it may be the preferable option under certain circumstances.<\/p>\n
Essentially, a testamentary trust is one that does not take effect until the death of the trust maker, at which time it becomes irrevocable. The trust is usually contained within a will. Often, a testamentary trust is created to benefit loved ones who are minors or who struggle with disabilities. Often called \u201cchild trusts,\u201d testamentary trusts can be changed by the grantor during his or her lifetime, and they last for a designated term.<\/p>\n
A designated lifespan for a testamentary trust allows the grantor to tailor the (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" One of the advantages of a living trust is that the assets held within it are not subject to probate, which can be a complicated, drawn-out and costly process. As such, many people automatically choose living trusts as they plan…<\/span><\/p>\n