Estates · Additional Resources

Trust estate planning is becoming more important in our complicated world involving tax, superannuation, pension entitlements, life insurance and business issues. Unfortunately, many people do not consider or do not put enough time into planning their estate to ensure that their wishes are met after they die.

An issue becoming more and more relevant in estate planning today is consideration of setting up a Testamentary or Will Trust. This is a type of trust which is established by a Will and is often considered for people who:-

  1. Have a family trust and wish to ensure the proper control of that trust in the future;
  2. Are in business and wish to make sure that proper arrangements are in place for the retention of capital and income profits in the business;
  3. Wish to provide for and protect spendthrift, intellectually disabled or bankrupt beneficiaries;
  4. Want to have their capital preserved for the next generation or for other beneficiaries while ensuring that the principal beneficiary, usually the surviving spouse, has access to income;
  5. Are needing taxation advantages and social security entitlements available for beneficiaries.

There are many considerations to be taken into account when planning your estate. Proper advice should be obtained to ensure that you not only have a legal Will but also to ensure that your estate is planned in relation to how assets are to be held, taking into account taxation laws and other issues. It is most important to obtain financial planning and legal advice when making a Will and planning for your estate.