Testamentary trusts are a powerful estate planning tool. Many people choose to include a testamentary trust in their Will because of the asset protection and tax savings they can provide.

Here are some important key facts about testamentary trusts:

• Testamentary trusts should save your family tax after you die
• Testamentary trusts offer some protection of your inheritance from divorce and bankruptcy risks
• You only get one chance to access the fantastic estate planning benefits of a testamentary trust – it MUST be in your will when you die
• Testamentary trusts are not administratively burdensome – any extra compliance should be far outweighed by the tax savings
• Testamentary trusts only start working if you die – the benefits don’t start until you die but neither do the (minor) compliance requirements
• Testamentary trusts are not just for complex situations or the super-rich.

For tailored advice on how testamentary trusts can be used in your estate plan, contact us for an estate planning consultation.