Testamentary trust wills are the most powerful and flexible weapons in the arsenal of experienced estate planning lawyers. A testamentary trust is a trust created in a person’s will and does not come into effect until after the death of the person making the will. There are a number of advantages associated with establishing a testamentary trust in a person’s will, including asset protection for a beneficiary who may be ‘at risk’ from a relationship breakdown, bankruptcy, addiction or issues surrounding mental capacity. There are also considerable taxation advantages associated with testamentary trusts including the ability to split income and tax savings for minors.
In this podcast, Angela Harry, Senior Associate at Attwood Marshall Lawyers discusses the key advantages of taking estate planning seriously.
Attwood Marshall Lawyers have a dedicated team of Wills & Estates lawyers that specialise in estate planning and estate litigation. Contact our Department Manager Donna Tolley on 07 5506 8241 or email firstname.lastname@example.org or 1800 621 071 for a free initial consultation.