Trusts within a Will: Testamentary Trusts
Whenever a Will is probated, if it does create trusts within the Will, it is called a Testamentary Trust. It is the executor’s job to make sure that the trust accounts is set up and that the funds are put into the account. Once the funds are in the account, the trustee then takes control.
To learn more about trusts, read our article Protecting your Assets: 5 Types of Trusts.