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  • Writer's pictureTim Purcell, Founder

Do I need a testamentary trust?

A testamentary trust is a trust that can only be created by a Will. Whether or not a beneficiary needs a testamentary trust depends on that beneficiary's individual needs and circumstances at any point in time.

However, the short answer is yes. In most cases it can be advantageous to receive an inheritance in a testamentary trust. The opportunities to minimise income tax and capital gains tax make managing your inheritance in a testamentary trust a wise decision. Then there is the substantial protection of inherited assets from third party threats following a divorce, de facto break-up and financial troubles such as bankruptcy. Given the inevitability of tax, and the strong likelihood of you, a child or a grandchild ( or other beneficiary) one day going through a divorce or having financial troubles, it makes perfect sense to rely on a Will that provides loved ones with the option to inherit via a testamentary trust.

At Will Wizard we believe that every Will should provide beneficiaries with the option to receive their inheritance in a testamentary trust. Only Wills that include the required testamentary trust provisions and terms can provide beneficiaries with this option.

Testamentary trusts should be discretionary (i.e. beneficiaries control their trust), individual (i.e. beneficiaries each have their own trust) and optional (i.e. beneficiaries choose whether to use the trust or not).

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.

We've taken the hassle out of having comprehensive testamentary trust Wills.

Best of all, we provide three years free changes and a money back guarantee.

Don’t put it off any longer. Get started now

Try our guided form and tutorial. It's free and simple to try.

Or watch our three minute tutorial on Wills & testamentary trusts.

If you have a specific question please submit a ticket or request a call-back :)

We’d love to hear from you.

Tim Purcell

Will Wizard Co-Founder

As always, if you have questions about the suitability of any Will for your needs and circumstances, seek independent legal advice.

As always, if you have questions about the suitability of any Will for your needs and circumstances, seek independent legal advice.

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