TESTAMENTARY TRUST WILL
A testamentary trust will can be defined as a will that is established under a will designed to provide the maximum flexibility and allows the distribution of the capitals and income, for providing the proper protection of the beneficiaries of the individual from third parties like creditors.
BENEFITS OF TESTAMENTARY TRUST WILL
1. Allocation of flexibility on capital and income. A trust allows for allocating of income and capital which provide the beneficiaries to qualify for sole parent person, Austudy or others that may not let them qualify under normal heritance
2. Protection of the allocated beneficiaries. Our experienced lawyers have been guiding individuals over the years by giving the proper assistance so that they can determine how they can manage the estate for the proper benefit of the beneficiaries. Taking all the risk management and all the financial issues that can arise.
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WHAT IF AN INDIVIDUAL DECIDES TO LEAVE EVERYTHING TO A SINGLE BENEFICIARY?
An individual can make any person from the surviving spouse to their child to be the trustee of the testamentary trust wills. By doing this the trustee can act as if they own the estate but in accordance with the provision afforded by the trust. It is always recommended to discuss these complicated issues with respective attorneys to have a clear understanding properly.
If an individual wish to control their estate limited to a single beneficiary in order to restrict the control that the spouse or the children of an individual is having over the estate then:
1. In this situation it is always recommended to use a third-party trustee
2. Along with your spouse and child add a third member as a joint trustee
3. It does not exactly matter that who actually the trustee is. Ultimately the individual has the right to restrict the access of others in the estate by allowing a percentage of the total capital to be accessible. Apart from this there are a lot of different types of trust that one can look forward too. For example, there can be a trust set up for the proper maintenance of a disabled person etc.
It is recommended to understand all the terms and conditions related to it properly before coming to any decision. Check the website of Wills Lawyers Perth to have an idea about how can you be benefited by contacting us.
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