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Wills with Testamentary Trusts
A Will with Testamentary Trusts, sometimes referred to as a Complex Will, isn’t necessarily more complicated. It simply offers greater benefits and may be the right strategy if you have more involved estate planning needs, such as a blended family, vulnerable beneficiaries, or interests in family trusts or companies.
This type of Will allows for tailored strategies that provide asset protection, tax minimisation, and more flexibility for future generations.
FAQ’S ABOUT TESTAMENTARY DISCRETIONARY TRUST
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A testamentary discretionary trust won’t suit every situation, but in many cases, it offers meaningful advantages over a Simple Will. Depending on your estate and your beneficiaries’ circumstances, this type of trust can provide stronger asset protection, greater flexibility, and potential tax benefits for your family.
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The incorporation of a testamentary discretionary trust in a Will may not be relevant to every situation but in many cases a testamentary discretionary trust can offer valuable advantages over a standard Will.
Depending on the nature of your estate and the circumstances of your beneficiaries, incorporating a testamentary discretionary trust in your Will may provide asset protection and taxation benefits.
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A Simple Will outlines who will receive your assets when you die and can include things like guardianship for children and funeral wishes. It’s often suitable for straightforward family situations.
A Will with a Testamentary Trust includes all the basics of a Simple Will, but also sets up one or more trusts to give you more control over how your assets are managed and passed on. This can be helpful for blended families, vulnerable beneficiaries, or where asset protection and tax planning are important.
Learn More About a Simple Will
FAQ’S ABOUT PROTECTIVE TRUST
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Protecting a vulnerable beneficiary requires careful consideration and planning. It is important to take the steps to protect their financial well-being and have a plan in place to ensure their inheritance is not lost or misused after you have passed away.
Assets inherited directly by a vulnerable beneficiary become assets under their control. It is then up to the vulnerable beneficiary's ability to manage their financial affairs and to sensibly use these assets. This may be a concern for you as your vulnerable beneficiary may find it challenging to manage their inheritance for reasons such as physical incapacity, mental incapacity, advanced age or addiction. Therefore, you may wish to incorporate in your Will a protective trust to provide your vulnerable beneficiary with more security.
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If you have a vulnerable beneficiary or complex family circumstances, including a Testamentary Trust in your Will can offer added peace of mind. It ensures the inheritance is used appropriately and protected for the long term. Not everyone needs a Testamentary Trust, but in the right situation, it can make a big difference.
FAQ’S ABOUT LIFE INTEREST
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A life interest can be a useful Estate Planning tool where you wish to provide for a beneficiary, but you also wish to preserve the capital of the trust fund for other beneficiaries.
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