Why a Testamentary Trusts revisit?
The testamentary trusts revisit is made for the benefit of clients and readers who have come to our site, without any prior awareness of the features and benefits of this estate planning tool. Whilst testamentary trusts are not suited to every estate plan, awareness about them ensures that as circumstances change, benefits that could optimise the value of an estate to the beneficiaries are not overlooked.
Testamentary Trusts – awareness, and utilisation
Our clients have been advised of the benefits of testamentary trusts over a number of years: features such as asset protection, taxation efficiency and issues of flexibility/ control have all been of interest – and value – to clients who have seen them put into effect.
Our website Library includes a number of articles on or about these trusts: amongst them are –
- Description – https://www.continuumfp.com.au/testamentary-trusts/ (August 2009; refreshed December 2013)
- Definition (and example) – https://www.continuumfp.com.au/estate-planning-with-a-testamentary-trust/ (January 2012; refreshed February 2015)
- Utilisation – https://www.continuumfp.com.au/important-estate-planning-elements/ (February 2010; refreshed March 2014)
Some of the features our clients have experienced and that we have highlighted in the articles are also covered in an article under the title ‘Testamentary Trusts’ (at the time of our post), currently appearing on the FindLaw website.
Multiple testamentary trusts?
In relevant circumstances, separate testamentary trusts may be specified in the testator’s Will, separately providing for individuals, or classes of individuals. These trusts could be directed because of a disparity in age of the beneficiaries; because of particular circumstances (disability; substance dependency; financial dysfunction; and so on).
Your estate planning revisit
Your estate planning (and wealth management) needs can be attended by Continuum Financial Planners Pty Ltd. We provide Estate Planning advisory services in conjunction with a number of experienced professionals, taking instructions to prepare information to brief (and in the process, inform clients as to the likelihood to benefit from incorporating testamentary trusts into the plan) – ‘we listen, we understand; and we have solutions’ – and we await your contact either by telephone (on 07-3421 3456) or use our website facility to Contact Us.
(This article was originally posted in November 2013: it has been refreshed occasionally, most recently in November 2016.)