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What is a testamentary trust will?

What is a testamentary trust will?

Two common types of wills are simple wills and testamentary trust wills. Under a simple will, an inheritance usually passes outright to a beneficiary, whereas this is not the case for a testamentary trust will (as the inheritance may be for the benefit of the beneficiary under a testamentary trust will, but it does not pass to them outright). Testamentary trust wills are often desired for asset protection and tax effectiveness.  The usual considerations for such trusts include:
  • beneficiaries (eg children) with a disability;
  • vulnerable children;
  • spendthrift children;
  • children later involved in a family law breakdown (eg divorce or the end of a de facto relationship);
  • continuity of an inheritance through the presence of a trust; and
  • postponing vesting of the trust until an opportune time. 

As a testamentary trust will involves the creation of a trust, it is necessarily more complicated than a simple will.


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