Basic Wills and Testamentary Trust Wills

IRVING LAW, Commercial Lawyers and Solicitors, phone 0449-865-807 | +614-49-865-807

SHOULD YOU HAVE A TESTAMENTARY TRUST WILL?

What is a Testamentary Trust Will?

It is a special kind of Will that sets up a trust, similar to a “family” or discretionary trust, which is called a testamentary trust.  The trust is activated when the Willmaker dies.

This type of Will is like two documents rolled into one, a Will and a trust deed.

In the right situation, creating a testamentary trust can have valuable benefits for the Willmaker and his or her beneficiaries.

There may be taxation benefits for beneficiaries and for the estate in having a trustee receive and hold the estate, i.e. one beneficiary (the trustee) holding on behalf of other people, instead of multiple beneficiaries receiving a share directly.

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Why choose a Testamentary Trust Will instead of a Basic Will?

Under a Testamentary Trust Will, the Willmaker’s property can be kept together as an income-generating collection of assets, managed by a trustee for the benefit of the beneficiaries of the trust. This is different from a basic Will, where the executor’s duty is to gather in and liquidate assets, and distribute the proceeds among the beneficiaries, except for specific bequests (gifts of particular items given to particular people), and minor children, where the minor’s share is held until a nominated age is reached.

Trusts (including testamentary trusts) can also have rules for including and excluding beneficiaries. For example, a Willmaker could decide that the trustee of a testamentary trust can include the spouse of the Willmaker’s child as a beneficiary, but set up a rule that excludes that person if he or she separates from the child, which could protect the child’s inheritance in the event of divorce.

Is a Testamentary Trust Will the right choice for you?

We can help you decide.

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