Who should be trustee of a testamentary trust?
In most cases, and depending on the terms of the trust, beneficiaries over 18 can decide who the trustee (i.e. the controller or manager) of their testamentary trust is.
Usually, the beneficiary will choose to be the trustee of their own trust.
Whether or not the beneficiary decides to be trustee, or enlists someone else to be trustee, the terms of the trust should ensure that the trust is for the benefit of the beneficiary only.
Wills from Will Wizard provide every beneficiary with the option to receive their inheritance in a testamentary trust that they control as trustee.
All Wills from Will Wizard nominate a ‘controlling age’ that beneficiaries must obtain before they can act as trustee of their own trust.
Prior to reaching the controlling age, the executor acts as trustee on behalf of the young beneficiary. Beneficiaries under the controlling age still have access to funds for health, education, living and welfare purposes, but are prevented from spending their inheritance on immature purchases such as an exotic sports car.
At Will Wizard we believe that every Will should provide beneficiaries with the option to receive their inheritance in a testamentary trust.
Will Wizard is the only online Will that provides testamentary trust provisions as standard, including broad trust terms for maximum flexibility in how a beneficiary can manage their trust depending on their changing needs and circumstances. No meetings are required, you simply complete our fun an easy online form that requires no financial details, and we then courier your secure Wills to your door for signature on delivery at no extra charge.
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Will Wizard Co-Founder
As always, if you have questions about the suitability of any Will for your needs and circumstances, seek independent legal advice.