Trusts
Testamentary Trusts
A Testamentary Trust is any trust set up under a Will but the term is now generally used for Testamentary Discretionary Trusts.
A Testamentary Trust is a useful tool to protect beneficiaries against:
- Creditors
- Excessive taxation
- Relationship breakdown
- Disinheritance if a surviving spouse remarries
Disadvantages are:
- Costly to set up
- Costly to maintain
- Problems can arise if beneficiaries are unhappy with the arrangement
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