Testamentary trusts are trusts that are established once an individual dies, the testamentary trust is created based on the individuals last will and testament and the trust is set up according to the details provided in the last will and testament.
The establishment of a testamentary trust only happens once a person dies, unlike a living trust. This type of trust is irrevocable once death occurs and comes into place when the individual dies.
The testamentary trust is created based on the details in the last will and testament where the owner of the will instructs the executor of the will to create a trust and where details are given about what assets will be in the trust.
Benefits of a Testamentary Trust:
- Conserving assets for children from prior marriage(s)
- This trust will conserve the individual’s spouse’s future financial position through lifetime income
- Testamentary trusts also ensure that special needs children are cared for once the individual dies
- These trusts ensure safekeeping of assets when children are still minors until they are of legal age to take ownership of assets
Testamentary trusts are brilliant for future financial planning and to ensure that your assets are preserved as per your last will and testament once you pass away.
Where to start to put a Testamentary Trust in place?
Contact our expert team of specialists at Serenity Trust so we can assist you with the creation of your will and testament where the detailed instructions of your testamentary trust can be inserted to ensure that provisions are made when you are no longer here to make decisions.
We handle the administration of the last will and testament once you are no longer here to do so and we will ensure that the detailed instructions of your last will and testament are carried out.
We provide advice on liquidity and tax information that will be crucial to know what exactly you will leave behind for your loved ones.
Visit out website for more information on what we can provide for you and
