The definition of a testator is a person who has written and executed a last will and testament that is in effect at the time of his/her death. It is any "person who makes a will."
A testamentary trust is a trust which arises upon the death of the testator, and which is specified in his or her will.
Testamentary Trusts are used as a part of Estate Planning and can have the following benefits:
- Protecting your wealth from unjust claims your beneficiaries do not receive the assets directly but rather an entitlement in a trust. If your beneficiaries are experiencing relationship troubles or...