It is a Trust established under a will but it does not come into effect until after the death of the person making the will.
A Trust describes a structure whereby assets are managed by one person or persons such as Trustee, for the benefit of others.
Under a Testamentary Trust the Trustee has the discretion to distribute capital and income between a group of beneficiaries nominated in your will.
There is no standard format for a Testamentary Trust and they are adapted to suit the needs of a particular person/family.
-from FindLawAustralia
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