This solution is designed for you and your spouse (married or de facto partner) to leave your entire estates – aside from optional gifts of personal items and charitable donations – to your children in equal shares. If none of your children or their further descendants outlive you, you can specify “Reserve Beneficiaries” who will receive the assets.

You will receive:

• 2 x Wills, one for each of you
• Up to 3 separate monetary gifts to charity
• Separate list for allocation of personal effects
• Ability to exclude people (e.g. former spouse) from your will
• Ability to appoint guardians for any minor children if both spouses pass away

There is an alternative Will that includes testamentary discretionary trusts (see below for more detail).

Is this right for me?

This solution is designed for you and your spouse (married or de facto partner) to leave your entire estates – aside from optional gifts of personal items and charitable donations – to your children in equal shares.

If none of your children or their further descendants outlive you, you can specify “Reserve Beneficiaries” who will receive the assets.

Note: If you know for sure that you won’t have any children when you pass away, this is not the ideal product for you.

A Testamentary Trust Will includes:

A Testamentary Trust Will (‘TTW’) is a type of Will that establishes a Trust or Trusts upon the death of the Will maker.

A TTW is designed to protect the Will maker’s assets because they belong to the beneficiaries of the Trust rather than the individual.

This allows flexibility for how capital and income generated by those assets is distributed. The Trust is not ‘activated’ until after the death of the Will maker.

Subject to the drafting of the Will (and in contrast to a Standard Will), potential advantages of Testamentary Trusts include the following:-

• Asset Protection for the beneficiaries in the event of marriage or relationship breakdown (if the Trust is utilised effectively);
• Asset Protection for vulnerable beneficiaries including spendthrift beneficiaries, disabled beneficiaries or beneficiaries with a drug, alcohol or gambling problem;
• Asset Protection for “at risk” professionals or beneficiaries who may face claims from creditors or bankruptcy;
• Protection of pension entitlements;
• Income splitting advantages e.g. adult children, minors and/or other relatives on low incomes;
• Income tax advantages for children under 18 (who are taxed at adult rates instead of penalty rates outside the Testamentary Trusts environment); and
• Flexibility for the Trustee to exercise discretion about management and investment of capital and to take account of changing needs of beneficiaries.

When it comes to protecting wealth and making provision for loved ones, it is essential to get it right. This means seeking legal advice from a Solicitor specialising in Wills and Estates to ensure that your estate plan is tailored to the specific needs and objectives of yourself and your family.