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Let's be real. ‘Get a will’ is not exactly a bucket list item for most people. It is, however, an essential part of life and one you don’t want to leave until it’s too late. Our goal is to make sure you tick ‘Get a will’ off your to-do list, so you can get back to ticking items off your bucket list.
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What’s a Testamentary Discretionary Trust and Why Include One in a Will?
A testamentary discretionary trust is a clever legal tool that lets you maintain a grip on your assets even after shuffling off this mortal coil, making sure your loved ones don't end up playing a never-ending game of "keep borrowing grandpa and grandma’s stuff."
Testamentary discretionary trusts are a strategic legal instrument that allow you to establish a trust (in your will) to manage your assets and distribute them to your beneficiaries after you’re gone, giving you continued influence and protection over your wealth from the great beyond. This arrangement not only safeguards your assets from potential risks and imprudent management but also offers potential tax advantages and flexibility in tailoring the distribution of assets to suit the specific needs and circumstances of your beneficiaries.
Why Use a Testamentary Discretionary Trust?
There are 3 broad reasons to include a testamentary trust in your will.
- To provide a structure designed to protect the inheritance in the hands of the beneficiary from risks such as financial failure or divorce
- Taxation benefits
- Flexibility
Are Testamentary Discretionary Trusts Relevant to Me?
The incorporation of testamentary trusts into a Will is not relevant in every situation but in many cases they offer valuable advantages over simple Wills. Your personal family circumstances and financial affairs will determine whether you should consider utilising testamentary trusts.
Essentially, it's a thoughtful and effective way to ensure your loved ones receive their due inheritance while maintaining control and providing for their long-term financial well-being. To find out more about the issues you must turn your mind to when having your Will prepared, book a free chat with us by submitting the form below.
