Testamentary Trusts

What is a testamentary trust?

A testamentary trust is a type of trust that is created through someone’s Will and only comes into effect after that person dies. It can offer:

• protection for future generations by keeping the legacy in the family;
• asset protection against financial risks such as bankruptcy or relationship breakdowns;
• tax flexibility, such as taking advantage of the marginal tax rates for minors (meaning tax-free income) and distributing income to beneficiaries with lower tax rates;
• if necessary, put controls around how your beneficiaries can access their inheritance (particularly for beneficiaries who are bad with money or suffer from addictions); and
• support for when vulnerable beneficiaries, such as children, young people with disabilities, or those who may not be ready to manage a lump sum.

At Cronin Miller Litigation, we help you:

• decide if a testamentary trust suits your family or estate needs;
• draft a Will that includes clear trust provisions;
• ensure your trust structure is legally sound and tailored to your goals; and
• assist trustees and beneficiaries with their legal obligations after your passing.

We bring both clarity and compassion to the estate planning process so you can plan with confidence.