A testamentary trust is established within your Will and takes effect when the creator of the Will dies.
Some circumstances which might lead you to considering a testamentary trust include:
A testamentary trust is a complex document which requires the creation of a trust, including the appointment of a trustee to administer the trust. The Trustee will also be responsible for looking after the assets for the benefit of the beneficiaries until the trust expires and they are bound by law to act in accordance with the way you prescribe the trust.
The trust will expire on a specific date, and can be dependent on an event you stipulate- e.g the beneficiary getting married, or reaching a certain age.
To find out more about testamentary trusts and how we can assist you in preparing those documents, contact our office on (07) 3343 9522 or (07) 5446 1745 or through our contact us service here.