testamentita

Testamentita, also known as testamentary trusts, are legal arrangements where an individual, known as the testator, creates a trust during their lifetime for the benefit of another person, typically a beneficiary. The purpose of a testamentary trust is to provide for the distribution of assets after the testator's death, often to avoid probate, manage inheritance taxes, or protect assets from creditors. The trust is established through a testamentary instrument, such as a will, and becomes effective upon the testator's death. The trustee, appointed by the testator, manages the trust assets according to the terms outlined in the testamentary instrument. Testamentary trusts can be revocable or irrevocable, depending on whether the testator retains the right to modify or terminate the trust during their lifetime. They are a common tool in estate planning to ensure that assets are distributed according to the testator's wishes and to provide for the financial security of beneficiaries.