A Testamentary Trust is a Trust that is included inside of a Last Will and Testament.
This type of Trust allows you to prevent money from being lost due to one of your children getting sued, divorced, or declaring bankruptcy. A Testamentary Trust is usually easier to set up and initially more cost effective than a Revocable Living Trust. However, a Testamentary Trust does not allow you to keep your estate outside of the probate court.
A Testamentary Trust is often ideal for young families with minor children whom have only a few assets.
If you would like to learn more about setting up a Testamentary Trust, please give me a call. I have helped hundreds of families with their estate planning needs and I would be happy to help you as well.