What is the difference between a ‘Will’ and a ‘Testamentary Trust Will’?
A Will is a legal document where you specify your wishes (for example your funeral arrangements, guardians for minor children, etc.) and how you want your wealth distributed on your death (by choosing beneficiaries and specifying the gift they are to receive). A Will also needs to include an executor of your Estate (that is, a manager who will look after your affairs and see to the instructions in your Will after you pass away).
A testamentary trust Will does all that, but in addition includes a specially drafted trust for a beneficiary under the Will, who takes their inheritance in the testamentary trust vehicle, rather than taking their gift outright (in their own name) under a Will. Testamentary trusts in Wills are more complex and should be drafted by a Wills Solicitor.
Please contact Estate First if you want to know more about putting such a Will in place.