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Testamentary Trusts

A Testamentary Trust is effectively a trust created by a will. A Testamentary Trust can take various forms, however, the most commonly used is what would usually be described as a Discretionary Family Testamentary Trust.  Our solicitors can advise you on the benefits which can be obtained by creating a Testamentary Trust under a will, the two main benefits of a Testamentary Trust, being:

  1. asset protection, and
  2. taxation benefits

Asset Protection

By creating a Testamentary Trust pursuant to your will, the assets are placed in the Testamentary Trust and not directly into a beneficiary’s name. This provides a level of asset protection with respect to those assets which can, depending on how the Testamentary Trust is administered, result in those assets being protected against claims that may arise from bankruptcy or family breakdowns for example. 

We see many clients who wish to ensure that the assets which they have amassed and worked hard for during their lives are properly protected and a Testamentary Trust is an extremely good vehicle for meeting those requirements. 

Taxation Benefits

A Testamentary Trust can also have significant taxation benefits as any income earned by the Testamentary Trust from investments, can be split amongst the beneficiaries (which will usually include children and grandchildren) which can sometimes result in significant tax savings.

At Davoren Associates we believe that a Testamentary Trust is an excellent tool that clients can use to achieve their wishes and we are more than happy to discuss with our clients their use and effectiveness. 

Contact Michael Coman or Linda Santos should you wish to obtain in depth advice in relation to Testamentary Trusts or Wills. Speak to our friendly staff at Davoren Associates who can assist you with making an appointment today.

Areas of Expertise

Preparation of Wills;
Preparation of Memorandum of Wishes;
Testamentary Trusts
Assisting Testators to administer Estates
Obtaining Probate or Letters of Administration     Enduring Power of Attorney                                        Advance Health Directive

Key Personnel

Email: Michael Coman, Partner

Email: Linda Santos, Solicitor 

 

 

Whatever your legal query, contact Davoren Associates or visit our Mermaid Beach office to obtain solid advice at a reasonable price.

Our dedicated Gold Coast solicitors offer a wide range of legal services for both individuals and businesses alike. Whatever your legal issue, our solicitors and support staff will strive to provide you with the best possible result.