In Australia, there are several types of wills recognized under the various state and territory legislation. While the specific names and requirements may differ slightly between jurisdictions.
No two people are the same and this is why there are different Wills available, each being customisable to your circumstances.
Over the next few weeks we will provide a snapshot of the five most common Wills used in Australia being:
- Standard Wills (see our previous commentary here);
- Testamentary Trust Wills;
- Mutual Wills;
- Mirror Wills; and
- Living Wills.
Testamentary Trust Wills
Protection, control and maximisation
A Testamentary Trust Will is one which incorporates one or more trusts into your Will which only come into effect upon your death. These trusts can provide greater control and flexibility when distributing your assets and can provide protection for beneficiaries whilst minimising tax obligations.
A Testamentary Trust Will is often recommended for those who have more complex assets or for those who wish to protect assets for minor or vulnerable beneficiaries.
Which Will is best for you?
It is essential when making your Will to seek legal advice. Our Wills and Estates Team will take the time to understand your circumstances and can guide you on the type of Will which will accurately reflect your wishes and is legally valid. For more information, please contact us on 03 9614 7111 or at firstname.lastname@example.org.