A Testamentary Trust is often a more effective alternative than making a direct gift to a person under a standard Will and has significant advantages in protecting your Estate.
A Testamentary Trust is a discretionary Trust, created in your Will, where a Trustee holds property, business or investments on trust for the benefit of specified beneficiaries.
The Trustee has the discretion to distribute income and capital of the Trust to the beneficiaries subject to any specific terms of the Trust which may, for example, preserve the capital or a portion of it.
The Trust comes into existence only upon your death.
Only assets that are in the deceased person’s name at the time of their death are included in the Trust. Therefore, it is important that insurance policies and ownership of jointly owned properties are reviewed by a Solicitor and consideration given as to whether they will form part of the Trust.
Here at Briese Lawyers we offer you the opportunity to look at areas of your life that are most important to you and tailor Estate Plans that meet your specific needs and the needs of your family.