WHAT IS A TESTAMENTARY TRUST?

You may make provision in your will for a trust to be created after your death and funded with assets held in your estate. When trusts are created under a will, they are known as "testamentary trusts." With an appropriate beneficiary designation, testamentary trusts can even be beneficiaries of life insurance policies.

If you have a living trust, then your will is often referred to as a "pour over" will. That will provides that any assets held in your name at your death and not in your living trust will be added to the trust, to be held, administered and distributed in accordance with its terms.

For beneficiaries who are minors, you may also consider providing for transfers from your estate to a custodian under the California Uniform Transfers to Minors Act.