What is a testamentary trust?
A testamentary trust is a trust established under the terms of a person’s Last Will and Testament, typically to hold all or a portion of the estate’s remaining residue.
Will Substitutes: The Basics
A will substitute allows assets to transfer automatically to your beneficiaries upon your death, bypassing both the Probate Court and instructions in your will.
Why Your Will Needs a Residuary Clause
A residuary clause is a necessary component of a will because it acts as a catch-all safety net for your estate. Without one, portions of your estate can end up passing outside of your intended estate plan entirely.
How often should you review and update your estate plan?
You may need to revisit your estate plan from time to time, especially in light of changes in your family structure, your finances, or tax law.