A testamentary trust is a type of trust that is created in someone’s last will and testament. This trust is used to manage and distribute a person’s assets after they die. When the person with the testamentary trust in their will dies, the trust becomes irrevocable and is managed by a trustee until it is terminated. Testamentary trusts can be used for a variety of reasons, such as distributing assets to a beneficiary at a later date or in phases. However, these trusts require the will to go through probate before they can be created and may also have ongoing fees associated with them. There are other types of trusts that may have similar benefits and fewer disadvantages.