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A testamentary trust can be created in a Will to provide a greater level of control over how assets are distributed to beneficiaries. They are also useful in estate planning because they can be used to minimise tax burdens.
Testamentary trusts can also be useful where a beneficiary under a Will cannot manage their inheritance, whether that is due to age, disability or some other reason.
How to set up a testamentary trust
A testamentary trust is created by a testamentary document, such as a Will, but will not come into effect until your death. It is recommended that you speak to a lawyer who specialises in this area to assist with setting up a testamentary trust.
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Testamentary Trusts Resources
Section 57(1)(d) of the Succession Act 2006 (NSW) (‘the Act’) allows for a former spouse