Tax Effective Will

A Testamentary Trust is a tax effective Will – allowing Trustees to distribute the income of the Trust fund to any or all of the named beneficiaries. For example, it is possible to distribute income to children or grandchildren who are not working, thus claiming the tax free threshold for every child and thereby saving thousands of dollars in tax every year.

A Testamentary Trust also allows for the transfer of your assets to a Trust, free of Stamp Duty and free of Capital Gains tax. It is also possible for your superannuation and life insurance policy entitlements to be directed into your Testamentary Trust.

A Testamentary Trust can be a way for parents to best protect assets and benefit children after their death. It creates a Trust which does not leave your assets to your children outright, but it keeps them in a Trust to best advantage your beneficiaries.

The benefits of a Testamentary Trust include:

  •     Flexibility in dealing with your estate
  •     Can be created to suit your individual requirements and can allow children to use it for their own benefit
  •     Assets are held in Trust. This offers some degree of asset protection as assets may not be available to creditors or to spouses in a marriage break-up

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