A standard Will is no longer suitable for many Australian families.  

You are not likely to be aware of the challenges that your family members may encounter which may impact their inheritance.   If you obtain specialist estate planning advice, you can implement an effective solution to protect your family’s inheritance.

You need a Will which provides flexible options which can be utilised by your family as and where required.  It’s time to seriously consider a proper estate plan which might include a Will containing a Testamentary Discretionary Trust.

A Testamentary Discretionary Trust simply refers to a trust established by someone’s Will.  The benefits of a Will containing a Testamentary Discretionary Trust 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 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

Estate Planning

Multiple Generations!

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 were the beneficiary of 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

Disclaimer: The above is to be considered as general education. This is not advice and it is not to be acted upon without advice from a qualified professional who understands your personal circumstances.

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