Wills with Testamentary Trusts
If you have beneficiaries you wish to protect you should consider creating a Testamentary
trust within your will. Similarly if any of your beneficiaries have already put
in place asset protection strategies due to the nature of risks they face (such
as company directors, business owners, professionals or the like) it is unwise
for you not to have a Testamentary trust contained in your will.
Why should I take extra steps to protect my beneficiaries?
If you have beneficiaries who are at risk of claims being made against them then
your estate is also at risk. Typical instances of beneficiaries who need extra protection
are where they:
- are in debt,
- are bankrupt or at risk of bankruptcy
- are in a position of responsibility or liability
- may be unable to manage their own affairs either through disability or addiction
and
- may have a split in their marriage or relationship.
What is the risk if I dont have a testamentary trust?
If you do not have a testamentary trust within your will then the benefit of your
estate will pass to your beneficiaries absolutely and will form a part of their
asset pool and therefore be available to creditors, claimants or spouses. A properly
prepared trust within your Will can help protect your estate from being lost to
people other than your beneficiaries.
Are there any other benefits?
Yes. There are significant taxation benefits derived from testamentary trusts which
we would be happy to discuss with you should you require any further information.
For further information please read this
brochure.
For further information please contact:
Simon Pattison or Ross Moschella Phone: (07) 3221 8655 email: mail@ellisonmoschella.com.au
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