CURRENT LEGAL ARTICLES

A testamentary trust is a legal arrangement that arises from a will, established only after the settlor’s death (the person granting the estate). This fiduciary relationship allows the trustee to manage assets on behalf of the trust’s beneficiaries. 

Contrary to the testamentary trust, a living trust is occasioned before the grantor’s death and managed by a trustee while they are still alive. Besides, a living trust can be revocable or not, but a testamentary trust is always irrevocable since it cannot be changed after the trustor’s death.

For a testamentary trust to be created, it should be set up in a Last Will and Testament, usually referred to as a will or last will. Three parties are involved:

· The grantor or trustor or settlor who creates the trust.

· The trustee, designated by the trustor, who handles the trusted assets.

· The beneficiary or beneficiaries named in the trust.

If the grantor did not mention a trustee, one would be appointed by the court.

Usually, there is an expiration date of the trust, from which the beneficiary can start using the funds. For example, it can be the college graduation date or when the beneficiary turns 180. In the meantime, the trustee will manage the assets and go to court yearly to prove they are taking care of it properly.

You can contact us here if you are thinking about creating a trust. We will help you express your wishes and ensure they are respected after your death. https://greensolicitors.ie/contact