In this video, Adam provides some brief information about Family Trusts, how they came to be and their benefits.
Hollingworth & Spencer Lawyers
Commercial Law, Conveyancing, Wills & Estates
In this video, Adam provides some brief information about Family Trusts, how they came to be and their benefits.
Cascading Testamentary Discretionary Trusts (TDTs) refer to an estate planning structure whereby the assets of one TDT are transferred (or ‘cascade’) into one or more TDTs on the happening of a specific event.
For example, say TDT1 is established for the benefit of the surviving spouse and any children.
The terms of TDT1 could provide that when the surviving spouse dies, or on an earlier date nominated by the surviving spouse, the capital of TDT1 is to be distributed equally into TDT2 and TDT3.
TDT2 and TDT3, for instance could be established for the benefit of the original testator’s two children and their respective families.
A point of concern for parents making a will for the first time, or reviewing their will, is the appointment of a Testamentary Guardian for their children under 18.
A well-considered appointment of Testamentary Guardians can help avoid the distress of family disputes over children, should one or both parents die.
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