Why should you upgrade to a Smarter Will?

“The old, so-called ‘simple’ will does NOT avoid complications – in fact, it does the opposite, by preventing flexibility and leaving gaping holes for tax leakage. They’re generally poorly drafted with little or no thought given to protecting beneficiaries and tax minimisation.”

“Testamentary Discretionary Trusts (TDTs) are a valuable estate planning tool used to maximise flexibility, protect beneficiaries and minimise tax implications. One of the major benefits of a TDT Will is asset protection. Assets held in a well-drafted TDT can be protected from external creditors, as the money is held to be owned by the trust and not the beneficiary. Similarly, assets cannot be accessed in the case of a marriage or relationship breakdown, although they may be considered as a financial resource by the courts … TDTs also offer tax advantages in many circumstances … Depending on your circumstances and the value of your estate, a TDT can result in thousands of dollars in tax savings for beneficiaries and their families every year.”

“There are many structural benefits associated with Testamentary Discretionary Trusts including asset protection and taxation. The Trust assets are … not generally available to the Trustee in Bankruptcy for payment of creditors. The assets of the Trust are unlikely to be regarded as property of any of the beneficiaries for family law purposes … Each of the children would have the ability to share the income from the investment of the Trust capital with the other beneficiaries of his or her Trust, thus minimising the income tax on that income.”