testamentary trust

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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, which shall terminate when the last child attains the age of 25, when the remaining corpus and any accumulated profits shall be divided among my then living children." A testamentary trust differs from an "intervivos" or "living" trust which comes into being during the lifetime of the creator of the trust (called trustor, settlor or donor), usually from the time the Declaration of Trust is signed. (See: will, trust, living trust)

References in periodicals archive ?
Does your will create a testamentary trust to benefit your spouse, common-law partner or children?
It should be noted that a testamentary trust may be named as the beneficiary of a life insurance policy on the life of the testator.
All states that tax the income of trusts base their jurisdiction to tax resident trusts on a combination of one or more of the following factors: 1) residence of the testator of the trust at death for a testamentary trust (resident testator), or residence of the settlor at the time the trust becomes irrevocable for a living trust (resident settlor); 2) residence of the trustee; 3) place of administration; or 4) residence of the beneficiaries.
Guardian also helps to form personal irrevocable trusts (living trusts) and testamentary trusts.
The due date for the election would be April 30, 1996 for the individual proprietor of the unincorporated business, or 90 days after the fiscal year-end for an estate or testamentary trust.
Among other things, the proposals would subject testamentary trusts to tax at a flat rate equal to the top rate of combined federal and provincial tax for individuals.
The agreement will allow Nikko to meet its customers' diversified requests for inheritance-related services and will also enable Chuo Mitsui to expand its testamentary trust services, the companies said.
These trusts, which are designed to take advantage of the marital deduction for spousal transfers of property, may be structured as living or testamentary trusts.
His experience includes the administrative, investment, taxation and operational aspects of living trusts, testamentary trusts, charitable trusts and endowments, investment management agencies, custodial accounts, IRAs, pension and profit sharing trusts, 401 (k) plans, and the administration of decedent's estates.
Under the potential deal, Nomura will sign a trust agent agreement with UFJ Trust and refer its own customers to the trust bank for services such as establishment of testamentary trusts.
Morgan Keegan Trust Company, FSB offers complete trust services including financial and estate planning, estate settlement, revocable and irrevocable living trusts, testamentary trusts, charitable and foundation trusts and employee benefits trusts.