Who can be beneficiaries of a testamentary trust?
Beneficiaries of a testamentary trust can be anyone the Testator chooses, including those named in the will. They can be used to support children under 18 or 21, ensuring inheritance...
Read MoreWho can I appoint as a trustee?
You can appoint anyone as a trustee, including the beneficiary, the executor of your will, your spouse, a trusted family member, or a close friend. However, it’s essential to select...
Read MoreWhat are the benefits of a testamentary trust?
A testamentary trust offers a wealth of benefits to testators and their beneficiaries, including: Tax efficiencies Enjoy significant tax advantages through income splitting. By distributing income to beneficiaries in lower...
Read MoreWhat is the difference between a will and a testamentary trust?
A will is a legal document where the testator (the person creating the will) outlines how their assets should be distributed after their passing. It specifies the beneficiaries who will...
Read MoreWhat is a testamentary trust?
A testamentary trust is a discretionary estate planning tool established by a will that takes effect after the testator’s death. Its primary purpose is to hold and manage some or...
Read MoreWhat if there is no will?
When a person dies without a will they are said to have died intestate. The government has put in place certain rules which provide for the distribution of a deceased...
Read MoreWhen and how are the assets distributed?
Following the identification of all assets, and where necessary, assets have been sold and all debts have been paid, the remainder of the estate can be distributed to the beneficiaries....
Read MoreWill I have to file a tax return for the deceased?
An executor is liable to lodge taxation returns on behalf of the deceased person. You should consult your accountant to help you with the deceased person’s taxation affairs.
Read MoreWhat happens after probate is granted?
Once you have been granted probate in NSW, the executor must collect the deceased’s assets and arrange to pay all debts or taxes including the deceased’s income tax. The possible...
Read MoreHow long does probate take in NSW?
In NSW, the length of time it takes to process a grant of probate application depends on the volume of applications, the specifics of your case and whether the supplied...
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