What is the difference between a will and a testamentary trust?

A will is a legal document where the testator (the person creating the will) outlines how their assets should be distributed after their passing. It specifies the beneficiaries who will receive the assets and appoints an executor to manage the process, ensuring the estate is properly distributed according to the will’s instructions.

A testamentary trust, on the other hand, is a legal structure created within a will to hold and manage assets. Unlike a straightforward distribution through a will, the assets in a testamentary trust are not immediately handed over to the beneficiaries. Instead, a trustee manages and distributes the assets over time based on the specific instructions in the trust.