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Testamentary Trusts

Our lawyers can help create a testamentary trust customised to suit your family’s requirements ensuring your assets are protected for the future.

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Why you need a family lawyer for testamentary trusts

Financial Assets

Explaining testamentary trusts

A common way of making provisions for the future needs of your loved ones is the use of a testamentary trust, which is a trust created within a will. We can explain how a testamentary trust will work for your situation so you are well informed to make decisions throughout the process.

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Discussing your individual situation

It is important to discuss your individual situation with a lawyer to find out whether including a testamentary trust in your will is the right decision for you and your family. We will chat to you about your financial situation and figure out what the most effective next steps will be for you moving forward.

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Helping you create a testamentary trust

The terms and complexities of testamentary trusts can vary depending on the individual circumstances. If you do decide a testamentary trust is right for you, a lawyer can help you create a testamentary trust that is customised to suit your family’s requirements to take the stress out of the process while ensuring your assets are protected for the future.

Assisting you in appointing a trustee

Appointing a trustee to manage your testamentary trust after you pass away may be a stressful decision. It is important to select someone you trust who is capable of managing financial records and keeping your best interests at the forefront. We can discuss options of potential trustees for your testamentary trust that will be the best fit for you.

Frequently asked questions

Testamentary trusts are trusts created within a will that are used to specify how your funds are spent. This could include leaving money until a child reaches a certain age or bestowing a family heirloom once a family member gets married.
Commonly, testamentary trusts are created to help ensure ongoing maintenance, residence, health care needs, education and daily support for loved ones. Less commonly, testamentary trusts may also provide additional benefits such as tax advantages or protecting your estate if a beneficiary is in bankruptcy.
You might want to consider creating a testamentary trust if:

- You are worried a beneficiary might be at risk from a family law claim, bankruptcy or breaking the law;
- A beneficiary has a physical or mental disability, poor judgement or an addiction;
- A beneficiary is a child under 18 years old;
- A beneficiary has a child under 18 years old;
- You have assets you would like to remain within the family; and/or
- You would like to include rules, requirements, restrictions or conditions in your will.
Including a testamentary trust in your will is usually more expensive than having a conventional will. Testamentary trusts will not prevent parties from making a family provision application (making an application to the court seeking a further portion of the deceased individual’s estate then what they were allocated under the will).
Any type of asset can be held in a testamentary trust. A nominated trustee will eventually distribute the assets of the trust to the listed beneficiaries
Any individual over the age of 18 can be the trustee of your testamentary trust, however commonly individuals select the executor of their will to be the trustee of their testamentary trust. Your lawyer, accountant or financial executor could also be appointed trustee if they are willing to take on the role.
There are several types of testamentary trusts available to suit your individual needs and requirements, but the two most common are:

- Discretionary testamentary trusts, which can be used in some situations for tax outcomes and protecting assets. Discretionary testamentary trusts are a separate trust to the deceased estate, and the trustee has the discretion to allocate the capital or income between the group of beneficiaries listed in the will; and
- Protective testamentary trusts, which are commonly created to benefit individuals who cannot manage their own affairs.

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Our job is not to judge anything you may have done. Our job is to guide your matter and actions moving forward to give you the best possible outcome for you, both legally and personally.

We will listen and understand your needs

We will hear not just what you want to achieve, but why you want to achieve it. We will tell you what you need to do to achieve the outcome you are after, legally, practically and emotionally.

We will stand by you all the way

Your matter doesn’t finish once a court order has been made. We will stay on your matter right up until all of the outstanding issues have been dealt with and the court orders are complied with.

We can help you with testamentary trusts

Forge Legal’s family lawyers are specialists in all areas of family law and can assist you with testamentary trusts.

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