Testamentary Trusts are trusts exactly like the Living Trusts described above but added to the terms of a simple will. The cost of this Trust is substantially less than a stand-alone Living Trust and would be appropriate for say a young couple who have one or more children but have not acquired sufficient assets to warrant a stand-alone Living Trust, but have acquired a substantial, inexpensive life insurance policy to take care of their children in the unlikely event of parent deaths. If you fit this category, a Testamentary Trust for College, and distributions to children at later ages would be perfect.