A testamentary trust is a trust created by your Will which comes into effect after your death. It provides directions for the appointment of a trustee to manage part or all of your estate on behalf of your chosen beneficiaries.
There are numerous advantages for beneficiaries of a testamentary trust, but the main benefits are effective income tax savings and asset protection from creditors. These benefits are generally not available to beneficiaries under a standard Will.
A testamentary trust can also offer beneficiaries the choice to continue with the Trust, provided they have reached a certain age, or they can opt to take their benefit / inheritance in full.
Clairs Keeley can assist in the construction of a comprehensive discretionary testamentary trust for the benefit of your beneficiaries. We will work with your financial planner or accountant if appropriate, to ensure your beneficiaries receive the maximum financial benefit from your estate.