Who gets to stay in the house during a Separation?
Standard or “basic” Wills give no protection against the next generation squandering their inheritance, having it swallowed-up by creditors or even in a divorce settlement. By including a Testamentary Trust in your Will your nest-egg can be protected against future creditors, bankruptcies, divorce and spendthrifts and can also provide great taxation benefits. At Argent Law we specialise in this area of the law, and we can include a Testamentary Trust provision in your Will which can give your beneficiaries protection against any of these future issues. Under a Testamentary Trust the beneficiary’s share of your estate is quarantined and put into a Trust which can be managed by the beneficiary. The beneficiary can use the funds as he or she sees fit, but should any risky situation arise, the funds can be returned to the Trust and is protected. Put simply, it is like both having your cake and eating it. The implementation of a testamentary trust is a very practical solution in situations where a beneficiary has a tendency to spend money quickly or unwisely, or if beneficiary has a disability or is vulnerable, the Will-maker can choose to nominate a third party to control or administer the Trust in accordance with the Will-maker’s wishes. We can prepare a Testamentary Trust Will for you for as little as $900 for one person or $1,200 for a couple.