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A Testimonial Trust is a trust initiated under a discretion that is structured to provide maximum flexibility and to allow the distribution of capital and income, as well as to protect its beneficiaries, such as third-party creditors.
The benefit of a Testamentary trust will be:
The Testimonial Trust is sometimes referred to as Will Trust – which can be prepared according to a discretionary trust, Capital Trusts or your needs, similar to the trusts you have made during your lifetime. Our Deceased Estate Lawyers Perth can prepare testamentary trust wills for you or can advise on the advantages and disadvantages of such a will, and whether it is suitable for your circumstances or not.
A trustee of Testamentary can be your surviving husband or child. If the flexibility is desired, the trustee will control the gift as if he owns the property in trust but enjoy the protection brought by the trust.
Other special types of trusts (with some special tax relief) are available and if suitable, our Deceased Estate Lawyers Perth can discuss them with you.
For help and advice in matters of testamentary discretionary trusts; Contact our Estate Lawyers to discuss the circumstances. Our dedicated lawyers will conduct your case with care!
Testamentary trusts in Perth offer several benefits, including asset protection, tax minimisation, and control over how and when beneficiaries receive their inheritance. They help ensure that the estate is managed according to the deceased’s wishes, providing financial security for vulnerable beneficiaries, such as minors or those with disabilities.
A Testamentary Trust in Perth can hold different assets like property, money, investments, shares, and valuable personal items. It ensures your assets are managed and distributed according to your wishes after your passing. Skilled administration lawyers in Perth can guide you in setting up the trust correctly for maximum protection and benefit to your beneficiaries.
A Testamentary Trust helps protect minors by managing their inheritance until they reach a suitable age. Instead of giving funds directly, a trusted adult (trustee) controls the assets and uses them for the child’s education, health, and well-being. This ensures responsible handling of money and long-term financial security for the minor.
A Testamentary Trust can protect your beneficiaries’ inheritance by controlling how and when they receive assets. It can reduce tax liabilities, safeguard funds from creditors, and provide for children or vulnerable family members. In Perth, this trust helps ensure your estate is managed according to your wishes, giving long-term financial security to your family.