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Testamentary Trust Will

A Testamentary Trust Will is a type of will that establishes one or more trusts upon the death of the will-maker (the testator). Unlike a standard will, which directly distributes assets to beneficiaries, a testamentary trust holds assets in trust, managed by a trustee for the benefit of the beneficiaries. These trusts can be structured to provide flexibility and protection for your estate and beneficiaries.

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Testamentary Trust Will

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How Does a Testamentary Trust Work?

  • Upon the testator’s passing, the executor of the will ensures that the estate is administered in accordance with the will’s terms.
  • Assets are placed into a trust rather than being distributed outright to beneficiaries.
  • A trustee is appointed to manage and distribute the assets as per the will’s instructions.
  • Beneficiaries receive distributions based on the trust’s terms, which can include specific conditions, such as age milestones or financial needs.

Benefits of a Testamentary Trust Will

  1. Asset Protection

A testamentary trust can help protect assets from:

  • Creditors or legal claims against a beneficiary.
  • The financial consequences of a beneficiary’s divorce or separation.
  • Poor financial management by beneficiaries.
  1. Tax Advantages

Testamentary trusts can offer tax benefits, including:

  • Income splitting among beneficiaries, which can reduce overall tax liabilities.
  • Potential capital gains tax benefits, as assets are distributed strategically over time.
  1. Flexibility and Control
  • The will-maker can specify how and when beneficiaries receive their inheritance.
  • Conditions can be set, such as requiring funds to be used for education, housing, or medical needs.
  • Trustees can adjust distributions based on changing circumstances.
  1. Safeguarding Vulnerable Beneficiaries
  • If a beneficiary has a disability or special needs, the trust can provide ongoing financial support while preserving their eligibility for government benefits.
  • The trust can also support young children until they reach an appropriate age to manage their inheritance responsibly.

Who Should Consider a Testamentary Trust Will?

A testamentary trust will may be beneficial if:

  • You have significant assets and want to ensure they are managed wisely.
  • You want to protect your beneficiaries from financial risks, such as divorce or bankruptcy.
  • You have minor children or beneficiaries with special needs.
  • You want to take advantage of tax planning opportunities.

 

How to Set Up a Testamentary Trust Will

  • Consult a legal professional to determine if a testamentary trust is suitable for your estate plan.
  • Identify a trustworthy and capable trustee to manage the trust.
  • Define the terms and conditions of the trust in your will, including how and when assets should be distributed.
  • Regularly review and update your will to reflect changes in family circumstances or financial situations.

Final Thoughts

A testamentary trust will is a powerful estate planning tool that offers significant financial, tax, and asset protection benefits. If you’re considering this option, seeking expert legal advice is essential to tailor the trust to your unique needs and goals.

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Crafting Your Will - Our Process

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Initial free 15-minute phone consultation

2

Intake Form

3

Initial in person or online consultation for in depth advice and instructions

4

Draft & Review Will

5

Second Consultation for finalisation and execution of will

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Disclaimer: This document is for informational purposes only and does not constitute legal advice. You should consult a qualified legal professional for advice tailored to your specific circumstances.

Legal Costs: Above is an overview of our starting prices for common legal services, these prices are a starting estimate only, and do not constitute a fixed quote or contract. The final cost will depend on the complexity of your matter and will be confirmed in a signed cost agreement before any legal work commences.

This website provides general information and does not constitute legal advice, please contact us for specific legal guidance on whether a testamentary trust will is suitable for you.

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Disclaimer: This website provides general information and does not constitute legal advice, please contact us for specific legal guidance on your personal circumstances. Legal Costs Disclaimer: The information on this website outlines our starting prices for common legal services. Please note, these prices are only estimates and do not constitute a fixed quote or contract. The final cost will depend on the complexity of your matter and will be confirmed through a cost agreement.