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:
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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O’Brien Connors & Kennett Solicitors