Will Including Testamentary Trust is A testamentary trust that created by will. It is usually a discretionary trust. The testator of a will creates a trust and directs the trustee to hold property in accordance with the terms of the testamentary trust for specified beneficiaries.
Testamentary Trusts are trusts created by will. It is usually a discretionary trust. Testamentary trusts are often recommended by financial planners and accountants. They are very useful for parents of small children (minor beneficiaries). A testamentary trust has two main advantages for a will maker and the nominated beneficiaries: asset protection; and income splitting.