One tool that can be included in your will is a testamentary trust. But what is it, and what are its advantages and disadvantages? At Foye Legal, we help you understand testamentary trusts and determine if they are the right fit for your estate plan. In navigating these complex legal and financial structures, the right lawyer is everything for achieving the best outcome.
A testamentary trust is a trust established through your will, which only becomes effective upon your death. You can choose to include one or multiple testamentary trusts in your will, depending on your specific needs.
Advantages of a Testamentary Trust
Disadvantages of a Testamentary Trust
To ensure your will is legally binding in New South Wales, it must meet the following requirements:
Creating a will is a critical step in planning your estate. Including complex structures like testamentary trusts requires careful consideration to ensure your intentions are met and your beneficiaries are protected. At Foye Legal, our experienced team can guide you through this process, helping you make informed decisions that suit your personal circumstances.
At Foye Legal, we provide expert advice on drafting, updating, and safeguarding your will to ensure it meets all legal requirements and reflects your true intentions. Whether you’re creating a new will, revising an existing one, or dealing with a contested will, our team is here to guide you through every step of the process.
Seeking legal assistance early gives you control over your situation, helping you avoid complications and manage costs effectively. This guide provides practical tips, checklists, and key insights to help you confidently navigate legal processes to secure the best possible outcome.
Your first consultation is vital in safeguarding your interests and laying the foundation for the best possible outcome. At Foye Legal, we value the trust you place in us and are committed to providing clarity, strategy and unwavering support from day one.
If you die without a valid will, your estate will be distributed according to intestacy laws, which may not reflect your wishes. This process can cause delays, disputes, and added stress for your loved ones. Creating a will ensures your assets are distributed as you intend.
Yes, it’s important to update your will whenever your circumstances change, such as getting married, divorced, having children, or acquiring significant assets. Regular reviews ensure your will remains accurate and legally enforceable.
The first step is to understand how your family home is owned. You may own it solely, as joint tenants or as tenants in common. If you own it as joint tenants, the home will automatically pass to your spouse on your death. If you want to leave it to your children, you should consider buying the home as tenants in common. Tenants in common each own a share of the house. If you die, you can leave your share to your children. If you own your home in your own name or as tenants in common, you could leave it to your children but give your spouse a life interest. A life interest can allow them to reside in the property until their death (or some other point), at which time your children can dispose of it as they wish.
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3/1 MEMORIAL DRIVE SHELLHARBOUR CITY NSW 2529
LEVEL 3, 63 MARKET STREET WOLLONGONG NSW 2500
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3/1 MEMORIAL DRIVE SHELLHARBOUR CITY NSW 2529
LEVEL 3, 63 MARKET STREET WOLLONGONG NSW 2500
contact us to make an appointment
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