A testamentary trust is established at the time of a person's death pursuant to the terms of a last will and testament. It is an agreement between the individual writing the will and a selected trustee for the benefit of named beneficiaries.
The Guaranty Bank Trust Department, as trustee, provides the following services for a testamentary trust:
- Management of trust property as stipulated in the will
- Investment of trust assets with unlimited trading
- Distribution of income and principal to beneficiaries as stipulated by the trust
- Delivery of quarterly (or more frequent) reports to the trust beneficiaries
- Delivery of tax information for the preparation of personal income tax returns
- Coordination or preparation of the trust's income tax return