Testamentary Trust wills

Greater control, asset protection, and tax benefits make a testamentary trust an effective planning tool

A trust sets out a structure whereby one person (a trustee), holds the title to property for the benefit of another (beneficiary or beneficiaries).

Testamentary trusts are generally created for young children, relatives with disabilities or vulnerable persons and are also advised for people with substantial assets. 

The benefits of creating a testamentary trust will include:

  1. the ability to enforce the wishes of the deceased in regards to how their assets are managed after their death;
  2. unique tax advantages including the way in which income is distributed to minor beneficiaries as well as benefits related to capital gains tax (CGT) and State duty; and 
  3. asset protection. Testamentary trusts can help to protect your assets when they are passed on to your beneficiaries. For example, assets are protected in the case of a relationship breakdown and can not be used in family court proceedings. Also, creditors cannot seize assets in a testamentary trust to satisfy any possible debt held by a beneficiary. 

The Sladen Legal team are recognised by the industry’s peak bodies as leaders in the ever-changing sphere of trust law and its implications for taxation and succession planning, business and investment structuring and asset protection.