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 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 Perth to discuss your circumstances. Our dedicated advocates will conduct your case!