A trust will, also known as a testamentary trust, is a type of trust created by a person's will that only comes into existence upon their death. It specifies how assets are to be held and managed by trustees for the benefit of the beneficiaries according to the terms set out in the will. This can provide control over how and when assets are distributed, protect assets for vulnerable beneficiaries, and potentially provide tax benefits and multi- generational wealth management. Trust wills often help manage assets for beneficiaries who may be minors, financially immature, or vulnerable, allowing trustees to oversee the assets rather than transferring them outright immediately after death.

Key Features

• A trust will is created through the person's will and becomes effective only upon death.
• Trustees are appointed to manage and control the assets within the trust for the benefit of designated beneficiaries.
• It can specify distributions over time, such as providing income for a surviving spouse with capital passing to children later.
• Trusts can last for many years after death, giving long-term protection and flexibility.
• This set-up is useful for protecting assets, especially for minor children, vulnerable persons, or blended family situations.

Therefore, a trust will is a legal arrangement embedded in a will that provides a framework for sophisticated estate planning by controlling asset management and distributions after death through a trust structure.