A testamentary trust is a legal arrangement created through a person's will, which takes effect after their death. This type of trust allows the deceased to specify how their assets should be managed and distributed to beneficiaries, such as children or other family members. The trust is administered by a designated trustee, who is responsible for overseeing the assets according to the terms outlined in the will. Unlike living trusts, which are established during a person's lifetime, testamentary trusts are activated only upon death. They can provide financial support for minors or individuals who may not be ready to manage their inheritance. This ensures that the assets are used for their intended purpose, offering protection and guidance to beneficiaries like children or dependents.