Tanah Merah, Australia (PressExposure) April 28, 2009 -- A testamentary trust is a trust which arises upon the death of the testator, usually under his or her will. Testamentary trusts are distinguished from inter vivos trusts, which are created during the settler's lifetime.
For a testamentary trust, as the settlor is deceased, he will generally not have any influence over the trustee's exercise of discretion, although in some jurisdictions it is common for the testator to leave a letter of wishes for the trustees.
In practical terms, testamentary trusts tend to be driven more by the needs of the beneficiaries (particularly infant beneficiaries) than the by tax considerations which tend to dominate considerations in inter vivos trusts.
If a testamentary trust fails, the property will usually be held on resulting trusts for the testator's residuary estate. Many famous English trust law cases were on behalf of the residuary legatees under a will seeking to have testamentary trusts declared void so as to inherit the trust property.
The most famous, or infamous, example of which is probably Re Dip lock  Ch 253, which resulted in the suicide of one of the trustees who was personally liable to account for trust funds that had been disbursed for what he thought were perfectly valid charitable trusts
A trust is also created by application of employed trust or as a constructive trust or as a derivative trust. But they are created by fiction of law and cannot be subject matter of conveyancing. Acquisition of holdings is not final unlike death. For this reason it is important to learn how to write a will. A valid will can bequeath your estate and your belongings to a person or persons of your choice. A will determines who will take care of your children in the event of your untimely death. If there is not a will at the time of your death, it is most likely that your estate will simply go to probate and become the state of the property in order to settle the probate costs.
For some people getting a will made is much more important than anything else because of the reasons mentioned above. If you are considering some will estate planning and are keen on getting a free will made in this regards then the most advisable thing would be to go through the instructions really well. As it will help you in getting to know the pres and the posts of having an online will made for free.
If you have decided on going ahead with your free will online then don't forget to check the credibility of the lawyer who has taken up your case. Make sure that you check all your details well before deciding to go ahead with the lawyer. Estate planning isn't a simple task. Take care while you make that will. For more information contact the undersigned: