Testamentary Trusts – Creating Trusts in your Will
Wills can contain many and varied terms and conditions, however in most cases where young children are involved it is necessary to ensure that their needs are protected well into adulthood. The most common way of protecting children is with the use of a Testamentary Trust.
A testamentary trust is a trust that is created within a Will. It is a document that outlines how your funds are spent on your children.
The most common terms relate to children’s education, children’s residence, health care needs and daily support for the children.
When considering a testamentary trust it is important to consider who you trust enough to look after the financial needs of your children. The trustee of the trust does not have to be your executor (but commonly is) or even the person who has the care of the children.
Where young children are involved this is the most crucial document a person can create in order to protect the needs of the young children.