Testamentary trust passes the test

A ruling of the Family Court of Australia has tested the effectiveness of using a testamentary trust to protect assets from claims arising from the breakdown of a marriage. A father established testamentary trusts for his son and daughter in…

Testamentary trust tax rules tightened

The tax treatment of testamentary trusts is being tightened, to ensure that minors who are trust beneficiaries do not receive tax concessions they are not entitled to. Last week, the Government introduced draft legislation for consultation. Generally, tax law imposes…

DIY will maker forgets to nominate beneficiaries

Daryl Hely had assets of about $25 million when, in 2014, he went to a lawyer to prepare his will. He owned 14 properties, a share portfolio and cash. The will he made consisted of seven testamentary trusts (trusts that…