Testamentary trusts are commonly used where there are minor children, blended families, or where asset protection is a priority.
Introduction
This Will (Including Testamentary Trusts) is a comprehensive estate planning document designed to provide long-term asset protection and tax-effective distribution of your estate.
It allows you to establish testamentary discretionary trusts within your will, enabling your beneficiaries to receive income and capital in a flexible and controlled manner.
The document includes provisions for appointing executors and trustees, distributing your estate and managing assets through structured trust arrangements for the benefit of your family.
This type of will is commonly used in more complex estate planning scenarios where asset protection, tax planning and flexibility in distribution are important considerations.
You should consider including a testamentary trust in your will if:
• You want to protect assets for children or vulnerable beneficiaries
• You are part of a blended family or complex family structure
• You want to minimise tax on income generated from inherited assets
• You want greater control over how assets are distributed over time
In simpler estates, a standard will may be sufficient. However, for many Australians, a testamentary trust offers flexibility and long-term financial benefits that a basic will does not.
• Potential tax benefits, particularly for minor beneficiaries
• Asset protection from creditors or relationship breakdowns
• Greater control over how and when assets are distributed
• Flexibility in managing family wealth over time
Disadvantages:
• More complex to set up and administer
• Ongoing trustee responsibilities
• May not be necessary for smaller or simple estates
📄 Will with Testamentary Trusts
• Appointment of executor and trustee
• Estate distribution provisions
• Residual estate and beneficiary provisions
🏛 Testamentary Trust Structure
• Creation of multiple testamentary discretionary trusts
• Flexible income and capital distribution provisions
• Beneficiary class including family members and related entities
• Trustee discretion for tax-effective distributions
• Vesting and trust administration provisions
⚖️ Advanced Trustee Powers
• Investment and asset management powers
• Ability to borrow, lend and deal with trust assets
• Power to operate businesses and manage investments
• Tax allocation and income characterisation provisions
👉 FREE with purchase:
• Will checklist
• Will signing instructions
• Legal drafting booklet
What is a Will with Testamentary Trusts?
A Will with testamentary trusts is a legal document that establishes one or more discretionary trusts to take effect after your death.
These trusts allow assets to be held and distributed by a trustee for the benefit of beneficiaries, providing flexibility in how income and capital are allocated.
Testamentary trusts are commonly used for tax planning, asset protection and controlling how beneficiaries receive their inheritance over time.
Professionally Drafted Legal Precedent
Prepared by experienced Australian commercial lawyers, this precedent provides a comprehensive and reliable framework for real-world use.
The document is fully editable in Microsoft Word and includes an Editing Legal Documents Guide to assist with completing and tailoring the agreement.
Designed for immediate use, it can be adapted to suit a wide range of legal and commercial scenarios.
At A Glance
What This Will Covers
• Appointment of executor
• Distribution of estate assets
• Creation of testamentary trusts
• Beneficiary provisions
• Estate administration
Key Provisions Included
• Testamentary discretionary trusts
• Trustee powers and control
• Flexible income distribution
• Asset protection structure
• Tax planning provisions
Typical Use
• Families with significant assets
• Business owners
• Individuals seeking tax-effective planning
• Asset protection strategies
• Multi-generational estate planning
Download Details
• Professionally drafted legal precedent• Suitable for Australian use
• Fully editable Microsoft Word document
• Includes Editing Legal Documents Guide
• Instant download available immediately after purchase
Drafted by Legal Professionals
Our precedents are prepared by Australian legal practitioners and reflect commonly used legal drafting standards.
Practical and Easy to Use
Each template provides a structured framework that can be adapted to suit the specific transaction or matter.
Instant Access
Download immediately after purchase and edit the document in Microsoft Word to suit your requirements.
Related Precedents
A will including a testamentary trust creates a trust structure that holds and manages assets for beneficiaries over time.
• A standard will is simpler and suitable for straightforward estates
• A testamentary trust provides greater control, flexibility and tax planning opportunities
Choosing between the two depends on your personal circumstances, the size of your estate, and your long-term planning goals.
Also Known As
• Testamentary trust will
• Discretionary trust will
• Estate planning trust will
• Family trust will
• Advanced will template
Frequently Asked Questions
What is a testamentary trust?
A testamentary trust is a trust created under a will that comes into effect after death and is managed by a trustee for beneficiaries.
Why use a testamentary trust?
Testamentary trusts are commonly used for asset protection, tax planning and controlling how beneficiaries receive their inheritance.
Is this suitable for simple estates?
This document is designed for more complex estate planning scenarios and may not be necessary for simple estates.
Does this include trustee powers?
Yes. The document includes extensive trustee powers for managing and distributing trust assets.
Will (Including Testamentary Trusts) – Instant Download
• Testamentary trust will template
• Includes asset protection and tax planning provisions
• Includes trustee powers and flexible distributions
• Includes checklist and signing instructions
• Fully editable Microsoft Word document
• Instant download available immediately after purchase
Used by lawyers, businesses and commercial operators across Australia.
Download This Precedent
Instant download. Fully editable Microsoft Word format. Includes practical drafting guidance.