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What is included

A testamentary trust is a trust created by will and is usually a discretionary trust. The testator of a will creates a trust and directs the trustee to hold property in accordance with the terms of the trust for specified beneficiaries.

At some future time the trustee distributes the property to the beneficiaries of that trust. These trusts are often recommended by financial planners and accountants. They are very useful for parents of small children (minor beneficiaries).

Testamentary trusts tend to be driven more by the needs of the beneficiaries than by tax considerations. If a testamentary trust fails, the property will usually be held on resulting trusts for the testator’s residuary estate. A  trust has two main advantages for a will maker and the nominated beneficiaries asset protection; and income splitting.

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Will + Testamentary Trust (approx 8 pages)

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What is it?

A will creating a testamentary trust is a legal document that not only outlines how a person’s assets (the testator) will be distributed after their death but also establishes a trust to manage and protect those assets for the benefit of specific beneficiaries. 

Key Elements of a Will creating Testamentary Trust

Here are the key aspects of a will that creates a testamentary trust:

Key Components

  1. Will:  
  2. Testamentary Trust 

Key Features

  • Creation 
  • Trustee 
  • Beneficiaries 
  • Assets 


  1. Asset Protection 
  2. Tax Benefits 
  3. Control 
  4. Flexibility 

Types of Testamentary Trusts

  1. Discretionary Trust 
  2. Protective Trust 
  3. Fixed Trust  

Creating a will with a testamentary trust is a strategic estate planning tool that helps manage and protect assets for beneficiaries, providing both control and flexibility in the distribution of the estate.

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Established since 2015, Precedents Online leads the industry with a diverse collection of over 300 legal templates. Our legal documents, meticulously crafted by practicing Solicitors and renowned legal authors, provide you with the precise solutions you seek. Step into a world where legal paperwork is made easy .

Eric Kalde is the author of over 300 +  practice guides published through the leading Australian legal publishers Precedents Online.
Lawyers all over Australia rely on Eric Kalde’s precedents and practice guides in their legal practice.
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