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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) |
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Henry Rudkin established a testamentary trust with the proceeds of the sale of his business, Pepperidge Farm, to Campbell Soup Co. A testamentary trust provides income for children, rather than giving them the parents' assets. Testamentary trusts are alternatives to living trusts. |
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testamentary trust
