A testamentary trust is a legal arrangement created as specified in a person’s will, and is occasioned by the death of that person. It is created to address any estate accumulated during that person’s lifetime or generated as a result of the death itself, such as a settlement in a wrongful-death suit, or the proceeds from a life insurance policy held on the settlor. A trust can be created to oversee such assets. A trustee is appointed to direct the trust until a set time when the trust expires, such as when minor beneficiaries reach a specified age or accomplish a deed such as completing a set educational goal or achieving a specified matrimonial status.
Living wills and other advance directives describe your preferences regarding treatment if you’re faced with a serious accident or illness. These legal documents speak for you when you’re not able to speak for yourself — for instance, if you’re in a coma.
Living wills and other advance directives aren’t just for older adults. Unexpected end-of-life situations can happen at any age, so it’s important for all adults to have advance directives.
Estate planning is the process of anticipating and arranging for the disposal of an estate during a person’s life. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximise the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity. It overlaps to some degree with elder law, which additionally includes other provisions such as long-term care.