A testamentary trust is a trust or estate that is generally created on the day a person dies. All testamentary trusts are personal trusts. The terms of the trust are established by the will or by court order in relation to the deceased individual’s estate under the provincial or territorial law.
If you would like to set up testamentary trusts or have questions and concerns about the process or how it works, contact the team at AACT Financial Solutions. We will be happy to hear from you and help you better understand testamentary trusts and their benefits and drawbacks.