If you have certain wishes for your children or even grandchildren that you want administered in the event of your death regarding your assets and monetary funds (your estate), a Testamentary Trust established under a legal Last Will and Testament ensures those wishes are carried out.
Testamentary Trusts make sure the inheritance reaches its intended recipients.
Whether your estate is large or not, having a legal Testamentary Trust ensures your assets go directly to the children in the event of your death. This is particularly useful in cases where the surviving spouse should remarry or enter into a new relationship. The children may not be provided for in the manner you wanted.
A Testamentary Trust ensures the assets and any income from the assets ultimately pass to your children with any terms and restrictions set out in the Last Will and Testament. These terms may include placing restrictions on certain beneficiaries or allowing children to gain full control of the assets at a certain age.
The control of the Testamentary Trust is given to an appointed trustee. It is common for the will maker to appoint family members or friends as trustees. An impartial trustee can ensure beneficiaries who may be very young children, be ill or have a disability are provided for under the terms of the trust. The trustee also needs to be competent in keeping regular and accurate financial records as per Australian tax legislation and these records may need to be maintained for the duration of the beneficiary’s lifetime.
If the estate of the Testamentary Trust is particularly complex, a professional and skilled impartial trustee will be absolutely necessary.
Cobb Law based on the Gold Coast, can draw up your Last Will and Testament and Testamentary Trust so you can have complete peace of mind. Our estate lawyers can help you with your estate planning, no matter how complex it may be.
Don’t leave putting off your will or drawing up your Testamentary Trust. Plan for the unexpected and contact Cobb Law today so you can make sure your children get what you want them to have when you pass away.
Our office is based on the Gold Coast but we service Northern New South Wales and Brisbane clients as well for any wills and estate planning, criminal law, family law, traffic law, dispute resolution and mediation.