Cairns Testamentary Trusts Lawyer

We’re experienced estate planning lawyers in Cairns. Testamentary trusts will help protect an inheritance for your beneficiaries.

A testamentary trust is a trust established by a Will. It starts to operate on the death of a Willmaker and its terms are set out in the Will. The terms of the testamentary trust can be tailored to suit the Willmaker’s circumstances, including those members of the Willmaker’s family that they wish to benefit from their estate.

Testamentary trusts can be used for a variety of purposes including providing a fund for the education of children or grandchildren, or preserving an inheritance for the benefit of a beneficiary who is bankrupt, a spendthrift, has a substance addiction or has some special needs (i.e. a physical or mental disability).

We are regularly asked by our clients to prepare Wills with testamentary trusts. If you are interested in discussing the preparation of a Will with a testamentary trust, please contact us.

Here’s An Example of Why they Work.
“I am worried that my daughter Jane’s marriage won’t last and I don’t want her lazy no good husband to take a large chunk of everything I have worked hard to build”. If this sounds like you, then one possible solution to that problem is to make sure Jane’s inheritance is left to her in a well drafted testamentary trust, set up under you and your spouse’s Wills. If Jane’s marriage fails once you’ve both died, her inheritance can be quarantined from Family Court property settlement proceedings with John.

Testamentary Trusts, Protect Your Beneficiaries

Many parents are concerned that the inheritance they leave to their children could end up in the hands of a former son-in-law or daughter-in-law if their child’s marriage breaks down. That inheritance can be kept separate and protected from becoming available to the ex-spouse, with a properly drafted testamentary discretionary trust.

A 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. How successfully the assets are protected, depends on how the Will and the testamentary discretionary trust are drafted and the circumstances at the time of the relationship breakdown.

Who Is In Control?
Whoever is named in the Will as trustee controls the assets of the testamentary discretionary trust. Like any trust, a testamentary discretionary trust can be drafted with as much flexibility as desired. The trustee can be given full discretion or limited discretion as to who should receive income and capital from the testamentary discretionary trust and when they should receive it.

If you want to discuss your current or potential estate planning needs, including setting up a testamentary trust, come in and talk with us about the many options for the future well-being of your family. Contact Brien Leibinger Lawyers today on (07) 4225 5420 or info@leibingerlawyers.com.au

Client Testimonials

Brien Leibinger took much of the mystery out of our Estate Planning process through clear communication (verbal and written) and frequent use of hand drawn white board flow charts. This made it much easier for us to understand the process and options with our reasonably complex personal and business interests. Brien cuts through a lot of the legal jargon and put it into layman’s terms for us. We finished the process very happy knowing that we have done best we could do by our survivors with documents we are confident reflect our wishes.

Rob and Annie Webber - Coffee Works Pty Ltd

Brien is fantastic!!! ... We have always found his work to be of a very high standard. Brien’s correspondence is fast and efficient. He is extremely thorough and takes great pride in his work. We have always found his advice to accurate and insightful. Brien has always been very easy to communicate with. He doesn’t leave us behind with legal terminology that we don’t understand. We plan on keeping Brien as our legal advisor and we believe we would have to go a long way to find an equal. We would highly recommend Brien Leibinger Lawyers to both business owners and any individuals in need of a very good lawyer.

Peter & Chelley Howe - Rock Ridge Farming Pty Ltd

I cannot thank you enough for your wisdom and excellent advice during the process of reviewing, updating and redrafting the multiple documents within my Estate. The legal complexities of the various documents were clearly explained and I felt comfortable in requesting multiple changes to the drafts ensuring their integrity and that the outcomes in each of the documents was exactly what I wanted and could be easily understood in plain English rather than legal jargon.

Patsy Bjerregaard AM

We have appointed Brien Leibinger Lawyers to undertake the legal affairs related to the purchase of several commercial and private properties in Cairns. In addition, Brien has attended to private family matters including the formulation of Wills for the family. I have found Brien Leibinger Lawyers very efficient, cost effective and diligent in the various assignments. Apart from the legal issues, I have found Brien to be a good friend and his advice from time to time has been very valuable. I would not hesitate to recommend Brien Leibinger Lawyers to anyone requiring a good lawyer in Cairns.

Sir Peter Barter. GCL, OBE, Kt - Melanesian Tourist Services Ltd

Testamentary Trusts in Wills