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How does a Testamentary Trust differ from a Revocable Living Trust? First of all, it is created within your Last Will and Testament and thus is not actually funded and established until your Will has been probated through the court system. Thus, unlike a Revocable Trust, a Testamentary Trust cannot provide any management for you or your beneficiaries during your lifetime.
A Testamentary Trust is often used as a "safety net" within an individual's estate plan. As an example, for a married couple with young children, the inclusion of a Testamentary Trust within their Wills would provide for the management of assets for their minor children should the couple die prematurely. We often serve as the trustee for Testamentary Trusts in order to provide professional management of an estate for the benefit of minor children or those with special needs. This same estate planning tool can be used for the benefit of a surviving spouse who may be in need of financial management assistance.
If you would like to review your estate plan and learn more about the benefits of a Testamentary Trust please call our Trust Department at 402-753-2246 and ask to speak with one of our Trust professionals.
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