Enquire about having a Testamentary Trust

Are you gifting in excess of $500,000 in your Will to your loved ones?

If yes then a Testamentary Trust may assist and benefit those you wish to leave your assets to.

What then exactly is a Testamentary Trust ?

The word Testamentary refers to any of your arrangements that you wish to occur after you die.

Your Will, for example, is a testamentary document as it expresses your wishes as whom your assets are to be gifted to and when that is to occur.

A Trust is a document which outlines how assets and income is to be paid and to whom.

A Testamentary Trust is a document which forms part of your Will and only becomes operational after you are deceased.

A Testamentary Trust can be used effectively to provide your loved ones with the following;

  • Asset protection A testamentary trust can be used to protect the inheritance that you wish to gift to your beneficiaries and protect against creditors.
  • Income tax benefits A favourable advantage for testamentary trusts in that they receive additional tax concessions.
  • Capital Gains Tax benefits A testamentary trust receives discounts when assets are transferred to a loved one.
  • Incapacity of a beneficiary In the event that a beneficiary loses capacity, a testamentary trust can operate to continue to provide financial assistance to that beneficiary.
  • Legacy for your future generations A testamentary trust can continue in existence for up to 80 years.

In summary, if you are thinking of making a Will, or changing your previous Will, then consider whether you need a Testamentary Trust.

Need help?

Please contact The Quinn Group on (02) 9223 9166 or submit an online enquiry.

Enquire today and we will get back to you next business day.