What is a Testamentary Trust?

A Testamentary Trust is a Will that provides a greater level of control over the distribution of assets to beneficiaries.

The main benefits of a Testamentary Trust is their ability to protect assets and reduce tax paid by beneficiaries from income earned from the inheritance.

If a beneficiary receives an inheritance in their personal name, they will pay tax on the income generated from the inheritance at their personal marginal tax rate.

There may be significant tax advantages in taking an inheritance through a testamentary trust, particularly where the beneficiary has:

  • a high personal marginal tax rate
  • a partner on a lower income
  • minor children and grandchildren; and/or
  • children or grandchildren with no, or lower, taxable income.

A common and sensible objective for all testators is to ensure that each beneficiary’s inheritance is protected and preserved from:

  • waste and dissipation by the beneficiary
  • claims on the beneficiary’s assets due to marital or commercial breakdown.

Testamentary trusts can help protect your assets when they pass to your beneficiaries.

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