Testamentary Trusts (Flexible Wills)
At Mason Lawyers, we can either prepare a more Traditional Will for you or assist you with a more modern "Flexible Will" (incorporating a testamentary trust). Making a Flexible Will is generally about 2 things:-
Tax minimisation; and
A Flexible Will incorporating a testamentary trust is a more flexible structure for the benefciary.
Each beneficiary can choose, at the time of your death, whether or not they want to take advantage of the more flexible option. If a beneficary chooses not to take advantage of the more flexible structure, then the Flexible Will simply operates just like a traditional will.
To assist in determining whether a Flexible Will is right for you, we have included a number of examples of where the Flexible Will "saves the day":-
- You have a young family;
- One of your beneficiaries is in a business or is a professional;
- One of your beneficiaries is married or in a de facto relationship; or
- You are a grandparent.