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A testamentary trust is a trust that is created within a person’s will and takes effect only after their death. The trust outlines how specific assets are to be managed and distributed by the trustee for the benefit of one or more beneficiaries over time, rather than as a lump sum inheritance.
Legal Reference:
- Testamentary trusts are governed by the general principles of English trust law and are valid under the Wills Act 1837 if clearly defined in the will. Trustees are bound by the Trustee Act 2000 and may be required to register the trust under the Trust Registration Service if certain criteria are met.
Sources:
- Wikipedia – https://en.wikipedia.org/wiki/Testamentary_trust
- Wikidata – https://www.wikidata.org/wiki/Q5359344
- Knowledge Graph – https://www.google.com/search?kgmid=/m/0dzpg8
- DBpedia – http://dbpedia.org/resource/Testamentary_trust
- Product Ontology – http://www.productontology.org/id/Testamentary_trust
- Gov UK – https://www.insolvencydirect.bis.gov.uk/freedomofinformationtechnical/technicalmanual/ch25-36/chapter31/part5/part3/part_3.htm
