Expert Will Lawyers QLD
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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 established within a Will that takes effect upon the testator’s death. While it can provide for a child’s education and daily needs, it is also commonly used for tax minimisation and asset protection. Testamentary trusts allow income and capital to be distributed strategically among beneficiaries, reducing tax liabilities. Additionally, they safeguard inherited assets from risks such as legal disputes, creditor claims and family law issues.
The most common terms relate to children’s education, children’s residence, health care needs and daily support for the children.
Choosing a trustee is a critical decision, as they have control over how and when assets are distributed. Trustees can make decisions based on a beneficiary’s circumstances, such as withholding distributions if the beneficiary is facing financial difficulties, bankruptcy or a family law dispute. Testamentary trusts can also be structured with multiple sub-trusts, allowing different levels of control and flexibility in asset distribution.
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