Unlike other private trusts, a testamentary trust is intended to take effect only after the demise of the creator. You can create a testamentary trust by appointing a trustee under your duly executed will to hold certain specified funds or property upon trust for your loved ones as beneficiaries. By creating a testamentary trust, you will be able to direct your trustee to distribute the funds or property under the trust in the manner of your choice over a period of time in the event of your departure. More often than not, most testamentary trusts are created for the maintenance or otherwise benefit of minor children, elderly parents and other next-of-kin who may be your dependents.