When it comes to protecting family wealth, many people are unsure how to best protect such wealth for their loved ones. This is particularly important when you have children, other beneficiaries who financially depend on you, real property or family businesses. For those wanting to ensure their assets are protected and responsibly managed, a Testamentary Trust may be advantageous.
A Testamentary Trust is a trust made under your Will and only begins at the date of your death. They function similar to a discretionary Family Trust, however, the Will’s provisions act as the trust deed. Some of the advantages of having Testamentary Trusts include:-
Testamentary Trusts are a powerful estate planning tool designed to protect your family’s wealth across generations. The experienced Wills & Estates lawyers at McNamara Law assist in creating Testamentary Trusts that suit your specific needs. If you believe a Testamentary Trust may be the right estate plan for you, contact our Wills & Estates team today on 1300 285 888 to discuss.
Author: Therese Wilkes, Wills & Estates Solicitor at McNamara Law
