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VIDEO · 03 FEBRUARY 2022

It Depends – How do I set up a testamentary trust?

Cooper Grace Ward
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A testamentary trust is usually created and included in a will, and can be a really effective estate planning tool.

AustraliaFamily and Matrimonial
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In this edition of 'It depends', senior associate Steven Jell talks about setting up a testamentary trust.

VIDEO TRANSCRIPT

Hi, welcome to It depends. Today we're going to talk about setting up and creating a testamentary trust.

What is a testamentary trust?

A testamentary trust is a type of trust created following a person's death. Usually, it's a discretionary trust created and included in the person's Will, and it can be a really effective estate planning tool. There is another edition of It depends on the benefits of using testamentary trusts. Please check it out.

How do I create a testamentary trust?

So, it depends. If we're dealing with a testamentary trust to be established under a person's Will, then that trust doesn't come into existence until that person has passed away. Their executor and trustees are responsible for pooling all assets, paying all debts and then transferring the assets according to the terms of the Will. The Will will

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© Cooper Grace Ward Lawyers

Cooper Grace Ward is a leading Australian law firm based in Brisbane.

This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please contact Cooper Grace Ward Lawyers.

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