{"id":2172,"date":"2017-10-25T14:17:00","date_gmt":"2017-10-25T03:47:00","guid":{"rendered":"https:\/\/paceadelaidelegal.com.au\/?p=2172"},"modified":"2020-02-06T12:32:23","modified_gmt":"2020-02-06T02:02:23","slug":"testamentary-trusts-wills-advantages","status":"publish","type":"post","link":"https:\/\/paceadelaidelegal.com.au\/testamentary-trusts-wills-advantages\/","title":{"rendered":"Testamentary Trusts in Wills: What are they and What are the Advantages?"},"content":{"rendered":"

A testamentary trust is a trust established by a Will, and which doesn\u2019t come into effect until after the Will maker\u2019s death.<\/p>\n

\"\"There are two main types:<\/p>\n

    \n
  1. A discretionary trust, where the beneficiary has the option to take a lump sum payment, or receive funds distributed by way of a testamentary trust. The trustee will have discretion as to the actual distribution amounts and frequency; and<\/li>\n
  2. A protective trust, where the trustee manages the beneficiary\u2019s share so that they receive the benefit, but have no actual control over their share (e.g. if they are young or lacking capacity).<\/li>\n<\/ol>\n

    Benefits include: flexibility of distribution to beneficiaries, protection of assets (as the trust\u2019s assets are owned by the trust, not the beneficiaries) and various tax advantages given the flexibility of distribution.<\/p>\n

    In considering whether a testamentary trust is right for you, you should bear in mind (amongst more) the ongoing costs involved in maintaining a testamentary trust (such as accountant fees for the trust\u2019s tax returns) and whether income from the trust\u2019s assets would adequately cover such fees.<\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    A testamentary trust is a trust established by a Will, and which doesn\u2019t come into effect until after the Will maker\u2019s death. There are two main types: A discretionary trust, where the beneficiary has the option to take a lump sum payment, or receive funds distributed by way of a testamentary trust. The trustee will […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[45],"tags":[],"yoast_head":"\nTestamentary Trusts in Wills: What are they and What are the Advantages? - Pace Adelaide Legal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/paceadelaidelegal.com.au\/testamentary-trusts-wills-advantages\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Testamentary Trusts in Wills: What are they and What are the Advantages? - Pace Adelaide Legal\" \/>\n<meta property=\"og:description\" content=\"A testamentary trust is a trust established by a Will, and which doesn\u2019t come into effect until after the Will maker\u2019s death. There are two main types: A discretionary trust, where the beneficiary has the option to take a lump sum payment, or receive funds distributed by way of a testamentary trust. 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