What is a Testamentary Trust Will?

A Testamentary Trust Will is simply a Will which includes a testamentary discretionary trust for one or more of your beneficiaries. You can give that beneficiary control of the trust and if you do, that beneficiary will be able to operate the trust for the benefit of themselves and other beneficiaries. You can choose to limit beneficiaries to your blood or lineal descendants, or you can choose other beneficiaries who are relatives or friends.

The ways to obtain this valuable estate planning ‘vehicle’ are very limited. The Testamentary Trust must be created in your Will. It is a small window of opportunity, but the benefits can last for years.

Tax advantages of Testamentary Trust Wills

Placing a Testamentary Trust in your Will for your beneficiaries provides those beneficiaries with tax opportunities on income earned from an inheritance after it has been received into the Trust. The advantages are that the Trust can share income to get the benefit of individual tax thresholds and the significant tax free threshold applicable for minors in the Trust (such as your children or grandchildren).

Asset Protection

The Testamentary Trust also provides greater asset protection of your inheritance for your beneficiaries than if you simply gave them the gift outright. Inheritances are larger these days than in the past, primarily due to increasing property prices and superannuation. Divorce and bankruptcy threaten to erode or even wipe out the inheritance you have provided, so it is important to consider the protective measure of a Testamentary Trust in your Will.

Testamentary Trust Wills are our specialty

Estate First Lawyers have long known the benefits of Testamentary Trust Wills and we have seen the benefits of having them in the estates we administer. We offer competitive fixed fee pricing on Testamentary Trust Wills which will be provided to you at our first meeting. We can also assist you with any other aspects of your estate planning that you might need help with.

At Estate First Lawyers, we provide estate planning across Australia, and we have offices in Queensland, Sydney and Melbourne. Please contact us today and ask about our ‘contact free’ Estate Planning service, which provides you with the same quality level of service from the comfort of your own home.

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    Frequently Asked Questions

    For more information on Testamentary Discretionary Trusts, see our Fact Sheet on Testamentary Trusts in Wills.

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