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
  • discretionary Testamentary Trust 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.

A Testamentary Discretionary Trust may be the best instrument when:

  • the Will maker has substantial assets or complex business structures
  • there is an existing Discretionary Trust
  • there is a specific beneficiary who is vulnerable and needs protection
  • a beneficiary is in a 'risk' occupation or in financial difficulty
  • the Will maker wants their superannuation to be dealt with under their Will

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.