Testamentary Trust or Living Will

Question

Hello, I am a man in my late 60s. I do not want a living trust. I want something that is effective at my death. 
 
I have assets (my house, money) and I do not want it to go to my wife. My son is underage. If I hypothetically die in a year, afterwards I would want a trustee (a law office) to distribute my assets to my son until he becomes the age of majority. Once he becomes the age of majority, the trust would end and he would control the assets. 
 
Would a testamentary trust or pour over will be more effective? Thank you.

James L. Arrasmith · Answer

Based on your situation, a testamentary trust appears to be a suitable option. A testamentary trust is created by your will and becomes effective upon your death. It allows you to specify how your assets should be managed and distributed after your passing. 
 
In your case, you can designate a trustee, such as a law office, to manage and distribute your assets to your son until he reaches the age of majority. Once he reaches this age, the trust can be structured to end, transferring the control of the assets to him. 
 
A pour-over will, on the other hand, is used to transfer assets into a living trust at the time of death. Since you've mentioned you do not want a living trust, this may not align with your goals. 
 
It's important to work with an attorney to draft a will and testamentary trust that accurately reflects your wishes. They can ensure that your estate plan is legally sound and tailored to your specific circumstances. 
 
Remember, estate planning is a personal and important process. It's vital to have clear and legally binding documents to ensure your assets are distributed according to your wishes.

Q: Testamentary Trust or Living Will