For an increasing number of high net worth individuals with
complex professional and personal affairs, the question of how best
to approach long term estate planning and in particular, what is
likely to be the best way to both transfer and preserve wealth for
the benefit of successive generations of family, is becoming an
important issue.
Effective use of testamentary trusts
The main advantage of a testamentary trust is that it allows an
individual who has acquired significant wealth to exercise a
greater degree of control over how that wealth will be distributed
to beneficiaries not just immediately after death but potentially
for multiple future generations.
Testamentary trusts are well suited to blended family situations
or where a testator has concerns that a first generation
beneficiary such as a spouse or child may dissipate the asset base
leaving little if anything of the testator's legacy and wealth
to be passed on to future generations.
