What Is A Testamentary Trust?
A Testamentary Trust is a device that allows for certain arrangements to be made in regards to a gift in a Will which allows for a trustee to be placed in charge of the distribution of your gifts to the beneficiaries. The terms of the trust are governed by the Will, and only come into existence upon the death of the the Will-maker.
Benefits of Using Testamentary Trusts
The usual benefits in using Testamentary Trust is the ability to organize more complex arrangements - in particular in the case of minors - to control the distribution of your property. The legal ownership of the trust is vested in the Trustee, however the equitable right to the money is vested in the beneficiaries. This arrangement can protect your money from creditors of the beneficiaries, from malevolent third parties (eg parents / step parents), or from the beneficiaries themselves.
There may also exist some tax benefits in employing a Testamentary Trust in certain circumstances.
What Can My Lawyers Do For You?
My Lawyers are able to obtain instructions to prepare a testamentary trust in order to best protect your estate, particularly if there are child beneficiaries, or beneficiaries with mental or physical incapacities in order to best protect their rights and interests into the future for their own protection and financial well being.
Take Urgent Action
Contact My Lawyers as a matter of urgency to avoid the numerous pitfalls, serious unforeseen consequences and penalties usually encountered by unprepared Will-makers in making wills and not providing for child or physically or mentally incapacitated beneficiaries that might otherwise be exploited by unscrupulous third parties.
Get in Touch
To speak with one of our legal experts, please complete the contact form below or telephone us on (03) 8379 1000 to get in touch with us today.
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