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Testamentary Trust Probate

Testamentary trusts are types of trusts typically set up for minors to distribute large sums of money to them. Typically theses trusts are overlooked by the probate court. The trustee must report to the probate court and provide an accounting of the funds and how they were used. In most testamentary trusts, the trustee must get written permission from the court in order to use funds from the trust for the minor or incapacitated child and must submit receipts for all expenditure. When the minor child reaches the age designated to receive the trust, the probate courts must finalize the documents and sign the trust over to the beneficiary by way of discharging the trustee and dissolving the trust which then allows the beneficiary direct access to the funds.

Fast Facts

  • Testamentary trustees can be the minors parent if the funds are from an accident or other lawsuit. In this case the court would appoint the parent the guardian of the trust. The same rules apply even though the parent is the trustee.
  • Testamentary trusts rules allow the trustee to petition the court for use of funds to care for the child. It is up to the court to determine if the expense is valid or not.

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