The responsible Will-maker considers not only the gifts to be made and the beneficiaries to be included, but many other issues, especially ones which will help to avoid difficulties that beneficiaries may encounter, e.g. in times of divorce or separation, in bankruptcy and in dealing with the taxation implications of death.
With the terms of a Will tailored to your wishes and to the circumstances of your beneficiaries, you can provide for issues that arise in blended families, divorce and separation, the possible avarice of in-laws, competing obligations and vulnerable beneficiaries (the spendthrift, the addicted, etc), and so give consideration to future generations.
And then there are the Wills for special circumstances. The law now allows Wills to be drawn for minors and people without mental capacity to be authorised by the Court. One example is a child who receives substantial compensation for personal injuries. Rather than applying the law of intestacy (i.e. dying without a will), an authorised Will can distribute an estate more fairly and more in line with the intentions of that child, or for a person without mental capacity, in line with his or her probable intentions.
Toowoomba Lawyers at Murdoch Lawyers assist in all Will related matters for simple and complex situations.
Testamentary Trust Wills
A Testamentary Trust (sometimes called a Will Trust) is a discretionary trust which is created in your Will. Creating a Testamentary Trust in your Will is often a more effective alternative than making a direct gift to a person under a “standard” Will. A Testamentary Trust Will provides the following benefits over and above leaving assets to a person in their own name:
- Income tax minimisation (children under 18 can receive $7,382 per annum tax free);
- Protection of the inheritance from the impact of Family Court proceedings in the event of a beneficiary separating from his or her spouse;
- protection of the inheritance in the event of bankruptcy of a beneficiary;
- succession planning opportunities;
- flexibility; and
- control (eg until the beneficiary attains a certain age or is no longer drug dependant).
