One of the most significant advantages to establishing a Testamentary Trust within your Will is that your trustee has powers to maximise the benefit your whole family from your assets taking into consideration greater tax burdens which some beneficiaries might face. Tax must be paid on any income or interest earned from investments in a deceased estate at the beneficiary’s own marginal tax … [Read more...]

On occasions Will makers wish to benefit someone who suffers from an intellectual handicap or perhaps suffers from a significant drug or alcohol dependency. Rather than providing a direct gift to them, which may be squandered or mismanaged or otherwise not able to be handled, you may provide for their benefit through a Testamentary Trust where your appointed trustees remain in control. Contact … [Read more...]

The risk of being sued, particularly for those persons whose trade makes them vulnerable (doctors, lawyers, accountants, sole traders etc) is ever present and usually results in them not owning any assets in their sole name. If a beneficiary experiences financial difficulties and receives a windfall from your estate it is possible that your gift can be attacked by creditors. With a … [Read more...]

A popular fear or misconception amongst Will makers, is that their estate may unwittingly pass to the benefit of a child’s spouse or partner in the event of a breakdown of relationship. The powers of the Family Court are quite broad. However, it may be possible to reduce the ability of your inheritance being split between a separating couple if, instead of giving your child a direct gift in … [Read more...]

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 … [Read more...]