Wills, Estate Planning & Trusts  Testamentary Trust Wills

There are Wills .... and then there are clever Wills !

There are occasions when you will need to invest in more complex testamentary planning arrangements.  At Kells, a specialist lawyer can assist you in:

• superannuation and advice
• estate planning, and
• Testamentary Wills

Testamentary Trust Wills

Testamentary Trust Wills are complex, but readily managed instruments that set up one or more Discretionary Will Trusts.  These Trusts on death enable your assets to be transferred for the overall benefit of the beneficiaries.

During his lifetime Jacob establishes a multi-million dollar service business with a very large income.  Several of his children are engaged in the business on either a part-time or full-time basis.  The current family strategy is to continue to expand the business and the family plans to continue that strategy after Jacob's death.  A Testamentary Trust Will offers great flexibility and on current taxation law schedules the possibility of distributing income to children and grandchildren aged under 18 (who are not receiving other income) at reduced rates.

A Testamentary Discretionary Trust may be the best instrument when:

• the Will maker has substantial assets and plans to grow that wealth for the benefit of beneficiaries
• the Will maker requires after-death continuance of Trusts, business assets or property
• there is an existing Discretionary Trust
• there is a specific beneficiary who is vulnerable and needs protection

Protecting assets and beneficiaries

Testamentary Trust Wills are appropriate when beneficiaries need protection from statutory or personal disability:

• bankruptcy
• at-risk occupation
• a spendthrift
• an intellectually challenged beneficiary
• a spouse or partner under severe incapacity such as dementia
• family law settlement

Septimus (aged 83) has a wife Lizbet (aged 62) showing the early signs of advancing Alzheimers.  A Testamentary Trust Will granting Lizbet an income for the rest of her life permits optimum care with the appointment of well-instructed executors.

Bob Beauford wants his only son Beaumont to continue to run the successful Beauford Boat Company for Beaumont and his sister's advantage after Bob's death.  Ex daughter-in-law Beatrix has vowed to take Beaumont "to the cleaners".  A Testamentary Trust Will helps protect the estate assets.

William and Betty have a spinster daughter (aged 53) and an intellectually impaired son (brain damaged at birth).  A Testamentary Trust Will permits optimum benefit and flexibility for their adult daughter to appropriately manage the estate assets.  Ultimately the daughter receives the capital and some additional income as needed for her and her brother's benefit.

Contact our Wills & Estates team for a complimentary briefing session to learn more about Testamentary Discretionary Trusts.