A testamentary trust is a trust created by your Will and does not come into effect until after your death.

There are various types of testamentary trusts but it is usually a trust where the trustee has full discretion about distribution to the beneficiaries.

The advantage of a testamentary trust is that the assets are owned by the trustee and the benefit of the income and capital of the trust passes to the beneficiary/ies. This separation of control and benefit allows testamentary trusts to protect assets from any potential legal action involving the beneficiaries and/or misuse of those assets.

A testamentary trust may provide significant advantage to you for the following reasons:

  • Creditor protection
  • Divorce of a child
  • Education
  • High risk beneficiaries
  • Remarriage of spouse
  • Children with at risk issues
  • Tax benefits
  • Will challenges
  • Disabled children

Ask us how a testamentary trust may be of value to you in order to protect what you have worked so hard to build.

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