Testamentary Trust Wills

Testamentary Trusts NSW.

What you need to know.

What is a testamentary trust Will?

Sound fancy? A testamentary trust Will is a Will that contains a trust deed. The trust deed only activates on passing and can be used for up to 79 years. You can create several trusts under this Will (one for each loved one) or you can create one for them all to share and operate.

Sounds fancy. What is a testamentary trust Will?

A testamentary trust Will is a Will that contains a trust deed. The trust deed – like a basic Will – only activates on passing and can be used for up to 79 years. You can create several trusts under this Will (one for each loved one) or you can create one for them all to share and operate.

Testamentary Trust versus Inter Vivos Trust

Unfortunately, you can’t set up a testamentary trust without your loved one passing away with a testamentary trust will; trusts that can be set up during your lifetime (inter vivos trusts) don’t provide the same level of tax advantages as they are assessed at the highest marginal tax rate of 49% for undistributed income. With testamentary trusts, you literally have only one opportunity to create it – on your death leaving a testamentary trust will.

What are the financial benefits of Testamentary Trusts?

Testamentary trusts can allow you to stream income to different family members who can each take advantage of the tax-free threshold. This can be particularly useful and tax effective if you have children and grandchildren or an extended family that you would like to benefit.

Testamentary trust wills can be a good way of structuring wealth management for your family. These trusts can be a good vehicle to hold assets as opposed to holding assets in a beneficiary’s name as an individual.

What risks can Testamentary Trusts protect against?

Testamentary trust wills can be very effective to protect against risk: risk of relationship breakdowns, creditors, bankruptcy, poor financial management and claims on the estate itself. Each family’s circumstances, dynamics, goals and needs are different and your testamentary trust will needs to take this into account to achieve your goals.

Testamentary trusts can be – and should be – prepared so that they avert the risk of claim or risk of a particular event you worry may one day happen.

Family members with a disability who can’t manage their own finances can also be protected and provided for under a testamentary trust will also protecting the bulk of their inheritance from poor management or financial ineptitude.

How much does a Testamentary Trust cost?

We offer fixed fee pricing so you know what you’re up for upfront and with full transparency. We have a blackboard pricing list for all our legal services, including Wills and Estate Planning documents that can be accessed here.

Why choose Copeland Estates Legal to be your Estate Planning Lawyer?

Copeland Estates Legal provides legal advice and documents prepared by an experienced lawyer who deals exclusively in Estate Planning law and Deceased Estates law. You know, the whole life cycle. And so you know you are getting the best result and protection for you and your family – getting estate planning documents in place to future proof your family is not an afterthought for us, it is the bees knees, the be all and end all, our nirvana.

And unlike traditional law firms, we look after you from the comfort of your own home. We are online for your convenience. No need to carve out a section of your busy day to drive to a stuffy lawyer’s office and wait for them to get around to seeing you. We use everyday, accessible technology – such as zoom, phone, email – to meet you, get to know you, listen to your fears and and goals, provide you with the right legal advice and prepare the right legal documents you need to protect and plan for the best future for your unique family.