Testamentary Trusts

Wills & Estate Planning

Testamentary Trusts Newcastle

Testamentary trusts are created by a Will to provide a greater level of control over the distribution of assets to beneficiaries. There are also tax advantages available through testamentary trusts, making them an effective estate planning tool.

Types of Testamentary Trusts

The two common types of testamentary trusts are:

Discretionary Testamentary Trusts

The Executor gives the beneficiary the option to take part or all of their inheritance via testamentary trust. The primary beneficiary has the power to remove and appoint the trustee and they can appoint themselves to manage their inheritance inside the trust.

Protective Testamentary Trusts

Beneficiary must take their inheritance via the trust and does not have the option to appoint or remove trustees. May be useful where the beneficiary is not in a position to responsibly manage their inheritance due to age, disability or irresponsible tendencies.

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Benefits Of A Testamentary Trust

Tax Benefits

Protecting Your Assets

Flexibility

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