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You can create multiple testamentary trusts in your Will if you want and you can give the executor of your Will the discretion to avoid the setting up of a trust with the consent of the beneficiary should circumstances warrant.

 

What is a Testamentary Trust?Will with Multiple Testamentary Trusts

A Testamentary Trust is established in a person’s Will, and is activated after their death. It is created to hold and safeguard all or some of the assets that a person accumulates over their lifetime, for the benefit of others, known as beneficiaries.

A trustee is nominated in a Will to manage the trust assets. The trustee is responsible for distributing the assets to the beneficiaries as per the terms outlined in the Will.

A Multiple Testamentary Trust is a Will which creates multiple testamentary trusts. The document itself contains drafting notes which can be deleted when the document is finished.

testamentary trust may be created using specified assets, a designated portion of your estate or the entire remaining balance of your estate. Multiple trusts may be created by the one Will and it’s possible to have trusts with different provisions which can be tailored to the needs of your beneficiaries.

You can create multiple testamentary trusts in your Will if you want and you can give the executor of your Will the discretion to avoid the setting up of a trust with the consent of the beneficiary should circumstances warrant.

This Multiple Testamentary Trust is 15 pages long and  includes:-

CONTENTS

  •          STANDARD CLAUSES
  •          Legal and financial advice
  •          Survivorship
  •          Power to disclaim
  •          SCHEDULES
  •          SCHEDULE
  •          Provision for spouse
  •          Executors
  •          Creation of trust
  •          Disposition of estate
  •          SCHEDULE 2
  •          Children.
  •          Executors
  •          Guardians
  •          Creation of trust
  •          Disposition of estate
  •          Third generation
  •          Grandchildren  3
  •          Disposition of third generation
  •          No surviving person
  •          Equalisation of benefits
  •          SCHEDULE 3
  •          Property of the trust
  •         Trustees: definition and appointment
  •         Conflicts of interest
  •         Ineligible trustees
  •         Primary purpose
  •         Beneficiaries
  •         Powers of the primary beneficiary
  •         Transfer of powers
  •         Manner of exercise of powers
  •         Investment 8
  •         Powers of trustees
  •         Vesting and dissolution of the trust
  •        SCHEDULE 4
  •        Executors
  •        Conflicts of interest
  •        Priorities
  •        Duty to appoint
  •       Duty to seek out superannuation death benefit nominations
  •       Self-managed superannuation funds
  •       Superannuation lump sum death benefits
  •       General powers of executors and trustees
  •       Fees and commission
  •       Interpretation
  •       Definitions

 

 

 


 

WILLS

By:  KALDELEGAL.COM.AU

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