Wills can contain many and varied terms, however in most cases where young children are involved, it is wise to consider how your Will deals with the needs any surviving children. A common way of protecting children’s interests or making provision for their future needs is the use of a Testamentary Trust.
A testamentary trust is a trust that is created within a Will. It can be used to specify how your funds are spent, for example leaving money until they reach a certain age or bestowing a family air loom provided a beneficiary gets married. The terms and complexity of testamentary trusts can vary greatly depending upon the circumstances that they address. More commonly, they are created to help ensure ongoing education, maintenance, residence, health care needs and daily support for loved ones. Less commonly, testamentary trust may also provide additional benefits such as tax advantages in certain situations or even help to protect your estate if a beneficiary is in bankruptcy.
At Forge Legal, our dedicated Wills and Estates experts can not only help you make the right choices but also use testamentary trusts effectively to protect the best interests and get the best possible outcomes for your family and loved ones.