Protect yourself with a Testamentary Trust.
Professional guidance for setting up Testamentary Trusts.
Protect assets and beneficiaries through tailored trust structures.
Ensure tax efficiency and secure management of assets.
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Why choose Orman Solicitors in drafting a Testamentary Trust?
Setting up a Testamentary Trust
The process of setting up a Testamentary Trust involves several key steps to ensure it aligns with your estate planning goals and meets legal requirements.
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Maggie Orman
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Renata Matyear
Senior Solicitor
Eileen Newcombe
Senior Solicitor
Testamentary Trust FAQ
What is a testamentary trust?
A testamentary trust is a discretionary trust established within a Will that allows the trustee to decide and distribute benefits from the trust to beneficiaries. A testamentary trust is created when a person (the testator) includes specific provisions in their will outlining how their assets should be managed and distributed after their death.
The trust does not come into play until the person from the Will is deceased.
Why set up a testamentary trust?
Testamentary trusts are often used to provide for the ongoing financial support and protection of beneficiaries, especially if they are minors, have disabilities, or lack financial experience. They can also be used to minimise estate taxes, protect assets from creditors, and ensure that assets are distributed according to the testator’s wishes.
What is a trustee?
The person appointed as the trustee of the testamentary trust is responsible for managing the trust assets and carrying out the instructions outlined in the will. This could be a trusted family member, friend, or a professional trustee.
What are the benefits of a Testamentary Trust?
- Protection of assets – If someone in the family is facing bankruptcy or a family law dispute – a testamentary trust can be advantageous as the assets are held in the trust name rather than the individual’s name. This can protect the assets from legal action involving the beneficiaries of the trust as they do not have control over the assets.
- Flexibility for de facto relationships and re-marriage – In today’s world family structures can be complex. If you are in a de facto relationship or a 2nd marriage with children from a previous relationship, a testamentary trust can provide greater control over your assets so you can pass your wealth onto your children or those you specify in the trust.
- Tax benefits – Depending on individual circumstances there may be tax benefits in how you choose to distribute income from the trust. If you have beneficiaries under 18, you could split the income generated from the trust between the beneficiaries to maximise the tax benefits.
- Providing for vulnerable individuals – If you have anyone in your family that needs additional support for example, they have an addiction problem or they have a physical or intellectual disability, a testamentary trust can provide provisions for the ongoing support of this person.
Overall, testamentary trusts can be a valuable estate planning tool for individuals who want to ensure that their assets are managed and distributed in a specific manner after their death.