As Queensland Wills and Estate Planning Lawyers, we encourage our clients to take control of their family’s future by ensuring all the necessary estate planning safeguards in place.

A standard Will is no longer suitable for many Australians.  A Testamentary Discretionary Trust (TDT) simply refers to a trust established by someone’s Will.

You need a Will which provides flexible options which can be utilised by your family as and where required.  A Testamentary Trust should be considered where you want to better protect your estate for the benefit of your family. Every person’s circumstances has to be considered individually.

Benefits of testamentary trusts may include considerable tax savings and asset protection.  Your circumstances have to be considered individually. There is no single solution for everyone.

10 Reasons to scrap the old ‘simple’ Will

  1. No testamentary trusts – missing out on huge tax savings
  2. No asset protection
  3. No family law protection
  4. No way to even up inequalities
  5. No quarantining of “protected proceeds” (ie, assets not required by law to be used to pay debts)
  6. No passing of control of family trusts and SMSFs
  7. No guarantee of keeping assets in the family
  8. No way of preserving Centrelink entitlements
  9. No way to avoid / defer CGT for gifts to foreign beneficiaries
  10. No flexibility

Multiple Generations!

You must think more widely than just your own estate planning arrangements.  The benefits of Estate Planning can extend to many generations of the one family.

A common occurrence can involve three generations, with (1) older grandparents, (2) their children and (3) adult grandchildren.

No matter which of these three generations you may be in, you should recommend to the other generations that they obtain advice as to whether a Testamentary Discretionary Trust could be of benefit to some members of the family.

As an example, where you are the second generation:

  1. you should obtain advice as to whether a TDT would be beneficial for your spouse and children,
  2. you should recommend to your parents that they obtain advice as to whether a TDT would be beneficial for you and your siblings.

People who wish they had a Testamentary Trust

  1. someone involved in a Family Court dispute
  2. someone who owes money to a creditor
  3. someone who works in a business or profession where there is a potential risk of litigation against them now or at sometime in the future
  4. someone who suffers from a mental incapacity or impairment, or is addicted to drugs, or is unable to control their spending
  5. someone who has or may have in the future, children and/or grandchildren under the age of 18 years

Smarter Will Guide

Download our Smarter Will Guide by clicking here

 

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