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Testamentary Trusts

Testamentary trusts are used in customising estate planning.

A testamentary trust is a trust created by a Will once you are deceased. Simply explained, instead of all assets of a deceased estate being distributed to an individual (or beneficiaries) in their name, some or all of the assets are retained in a trust created by the Will for the benefit of the beneficiaries.

The use of a testamentary trust allows the benefits of a discretionary trust upon the death of a person. There are many benefits of a testamentary trust for example asset protection and tax minimisation however there are some limitations and risks associated with the same which must be discussed with you prior to ascertaining whether this is the best option for you.

Whilst we cannot give you financial advice in relation to the financial aspects of the testamentary trust, we will work closely with your accountant or financial advisor in this regard to provide you with the best possible outcome for your circumstances.

D’Angelo legal will be happy to discuss the applicability of a testamentary trust in the estate planning stage of drafting your Will, and will be able to draft such a trust in your Will if desired.