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Asset Protection And Testamentary Trusts

Testamentary Trusts are one of the greatest planning tools available to every taxpayer and they can help to protect your assets in the following ways:

  • No one beneficiary has any claim on the assets of the testamentary trust. A discretionary-testamentary trust, therefore, provides the best means to protect assets which, after death, are to be held for the benefit of the willmaker’s successors (that is, spouse and children). For example, creditors of the beneficiary cannot seize the assets of the testamentary trust to satisfy the debt as that beneficiary does not have any claim on or ownership of the assets of the testamentary trust.
  • In Family Court proceedings, a testamentary trust may be used as a risk minimisation exercise to defeat a claim of a spouse in the Family Court property proceedings.
  • Trust assets are not owned by any beneficiary and therefore cannot be passed by will.

In general the benefits of testamentary trusts include:

  • Protection of pension entitlements for surviving spouses and beneficiaries.
  • Income tax advantages to beneficiaries of a will.
  • Capital Gains Tax advantages to beneficiaries of a will.
  • Protection of beneficiaries against creditors and bankruptcy.
  • Control of assets against spendthrift beneficiaries.

To fully leverage the benefits of testamentary trusts and navigate the intricacies of estate planning and asset protection, it is highly advisable to seek the expertise of a qualified wills and estates lawyer. These legal professionals can offer tailored guidance to ensure your assets are well-protected and distributed according to your intentions. For personalized advice and assistance, consult a reputable wills and estates lawyer.

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