A testamentary trust is a trust forming part of your will which only comes into effect upon your death.
Here are some reasons why you would consider implementing a testamentary trust:
You do not trust a beneficiary to use their inheritance wisely
You do not want family assets split as part of a divorce settlement
You do not want family assets to be available to your beneficiaries’ creditors
To save your beneficiaries from paying unnecessary tax
The beneficiaries are minors, and you want to ensure they do not receive their entire inheritance in a lump sum as a young adult
The beneficiaries have diminished mental capacity or health issues
You have a blended family and wish to ensure a fair distribution of assets after your death
There are many important considerations when deciding whether to utilise a testamentary trust and they are not always practical. We view testamentary trusts as an excellent estate planning tool, but contrary to the views of some, they are simply not for everyone.
We will properly consider your circumstances and give you straight advice about whether a testamentary trust is the right option for you.
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