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Yes. So long as the Will you are inheriting by includes provisions for the establishment of a testamentary trust.
We would always recommend seeking the advice of a professional accountant or solicitor who has experience in the establishment and management of testamentary trusts. An accountant or solicitor would review the terms of trusts in the Will and explain the process to set up each testamentary trust.
They would provide detailed advice on what assets should go into a testamentary trust, along with the appropriate minutes to establish a testamentary trust.
They would assist you in applying for a TFN, and provide advice on the naming conventions, along with formal instructions detailing what your obligations are and next steps are.
At Will Wizard we believe that every Will should provide beneficiaries with the option to receive their inheritance in a testamentary trust. Will Wizard is the only online Will that provides testamentary trust provisions as standard, including broad trust terms for maximum flexibility in how a beneficiary can manage their trust depending on their changing needs and circumstances. No meetings are required, you simply complete our fun an easy online form that requires no financial details, and we then courier your secure Wills to your door for signature on delivery at no extra charge.
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As always, if you have questions about the suitability of any Will for your needs and circumstances, seek independent legal advice.