The experienced team at Kennedy Spanner are highly experienced in trust law, asset protection and testamentary trusts. Many people are concerned about asset protection. It is human nature to want to ensure that your assets are protected from creditors; bankruptcy and divorce and that the assets you do hold are passed onto your spouse, children or nominated beneficiaries without delay. There are several ways in which you can to protect your assets through testamentary and protective trusts.
What is a Testamentary Trust?
Testamentary and protective trusts are structured to manage your assets and allow you to distribute income and assets to a number of nominated beneficiaries.
Why Have a Testamentary Trust?
Wills and trusts fall under the same category, and by adding a testamentary or protected trust to your Will, you can benefit through tax advantages, defence against financial difficulties or as a protective measure for incapable or vulnerable beneficiaries.
How to Set up a Testamentary Trust
We can assist you in tailoring a testamentary trust that is most suitable to your lifestyle and financial situation, and work towards a decision on whether a testamentary or protective trust is fitting.
Testamentary trusts can allow the Will maker to offer beneficiaries the choice on how they wish to receive their share of the trust.
Protective trusts require the Will maker to appoint a trustee who is not a beneficiary. The trustee is then responsible for managing the share of assets amongst beneficiaries.
Assets, which can be included in a testamentary or protective trust include:
With years of experience within trust law, let Kennedy Spanner Lawyers assist you in ensuring your hard earned business and family assets are protected as much as possible with an effective testamentary trust. Fill out the contact form to make an appointment to discuss the asset protection trust options most suitable for your situation or call our office on (07) 3236 9169.