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A testamentary trust is created by a will. The will itself contains language that creates the trust and since a will does not become effective until death, the trust does not exist until death. Because of this, the assets that will eventually be passed into the trust through the will must first pass through probate.
There is no unnecessary expense to maintain or operate the trust during the estate owner's lifetime since the trust does not become effective until after the estate owner's death. Once established, the trust becomes irrevocable (cannot be changed or terminated).
Typical reasons to use a testamentary trust include:
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company (Licensed in New York and Wisconsin)
Home Office, Bloomington, Illinois
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