What is a testamentary trust?

A testamentary trust is a trust that is created within your Will. This trust does not come into existence until your death after your Will is admitted to probate. The trust acts sort of like an account that holds an inheritance for someone else. You specify the rules of the trust such as if the trust will pay for college or a wedding or travel and how old a beneficiary must be before getting the money out of the trust. And you designate a trustee to manage the funds.