A Testamentary Trust Will includes a discretionary trust created within the Will.

A Testamentary Trust is very similar to a Family Trust. The main difference is that a Testamentary Trust is created after your death (pursuant to your Will), whilst a Family Trust is created whilst you are alive pursuant to a Trust Deed. A Family Trust operates during your lifetime and therefore you are able to exercise some control over it.
A Testamentary Trust comes into existence on your death and accordingly the only control you can exercise over the Trust will be limited by your Will.

Creating a Testamentary Trust within your Will can sometimes provide for a more effective strategy to leave assets to a person rather than make the gift directly. Download our brochure “Understanding Testamentary Trust Wills”