Anyone who has children (no matter what the age) should ensure that their will contains a Testamentary Trust.
Establishing testamentary trusts in your Will provides your beneficiaries with a large degree of flexibility in dealing with their inheritance. Further, in many cases these trusts will provide significant protection for a family’s wealth.
The benefits of Testamentary Trusts are explained in more detail to the right.
- They provide major tax advantages which can be used to grow the family wealth by taxing all income at adult rates even if distributed to minor beneficiaries.
- They provide Capital Gains tax concessions allowing assets to be transferred to the trust without CGT.
- They provide major Asset protection benefits.