Legal Definitions - testamentary trustee

Testamentary Trustee

A testamentary trustee is a person appointed by or acting under a will to carry out a trust created by the will. They hold legal title to property and owe a fiduciary duty to the beneficiary. Their duties include converting debts and securities to cash, reinvesting the cash in proper securities, protecting and preserving the trust property, and ensuring it is employed solely for the beneficiary according to the trust instrument.

• John's grandfather appointed him as a testamentary trustee in his will to manage his estate and distribute it to his grandchildren.
• After her death, Mary's will appointed a testamentary trustee to manage her assets and distribute them to her children.

These examples illustrate how a testamentary trustee is appointed by a will to manage and distribute assets to beneficiaries according to the trust instrument. They have a fiduciary duty to act in the best interest of the beneficiary and manage the trust property responsibly.