There are 4 main forms of testamentary trusts created in Australian Wills, ie: trusts that are:
All 4 forms of testamentary trusts are able to protect against a future bankruptcy of a beneficiary and can improve the prospect of defending a family law claim against a beneficiary. Beneficiary controlled testamentary trusts, in particular, also enable the splitting of trust income with family members and related entities, with beneficiaries under 18 qualifying for more favourable income tax rates.
Personal trust summaries are available from Estate Planning Equation – Preventative Law for these key types of testamentary trusts.
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