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What is a will trust & how does it work?
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Who is a trustee in a will?
A will is a document laying out who you want to get your money and possessions after you pass away. A trust is what you put in place if you want to assign someone the responsibility to look after your assets on behalf of someone else.
Apr 12, 2024 · There are two main types of trust that you might choose to set up: a will trust, created upon your death, or a lifetime trust, which you establish during your lifetime. We explain the pros and cons of both.
Certainty of intention. The first certainty is that of intention. It is insufficient for a testator to merely hope to create a trust; a testator must clearly intend to create a trust.
A trust created by your will is called an express trust. An express trust can be either an absolute trust or a discretionary trust. If an absolute trust requires only the happening of a conditional event, it is also called an interest-in-possession trust. There are other types of trusts as well.
Co-op Legal Services explains what trusts and trustees are in relation to writing a will. Use our guide to learn how you can protect and manage your assists with a will.
Jul 15, 2021 · A Will Trust, or Testamentary Trust, forms part of your will and allows you to set aside assets to be managed by a trustee. This will only take affect after your death, unlike other kinds of lifetime trusts.
A will trust is an arrangement which comes into effect on your death, granting the named trustees control over assets on behalf of others (called the ‘beneficiaries’). You might specify what the trust provides each beneficiary, or let the trustees have discretion over how and when they distribute funds.
