Cascading Testamentary Trusts

What is a Cascading Testamentary Trust? 


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.

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Testamentary Guardians of Minor Children

Have you considered who will look after your children under 18 upon your death?

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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Are you planning a trip at Christmas? Do your plans include making a Will?

Procrastination is a trap we all fall into at some time in our lives. Putting off making a will is something that many of us do. Actually checking this task off the “to do” list may not be as difficult as you think. Without a will you may leave behind a lot of trouble for those you care about the most.

Whilst you can go it alone, it is preferable to rely on the help of those who have the training and knowledge to assist you. We rely on professionals to service our car and cut our hair. Do our families not deserve the same when we are considering their financial future without us? The cost of a solicitor’s services in drawing up a will may prove to be money well spent when compared to the much higher cost of estate litigation should it all go wrong.

Understanding the tasks that will need to be attended to on your death may assist you in the decision making process when thinking about who to appoint as your executor. The executor’s duties include funeral arrangements, identifying and gathering up assets, collecting and paying all outstanding debts and distribution of your estate in accordance with your wishes contained in your will. This can be a time consuming role.

Owing to the substantial increase in the value of capital assets owned by many Australians, people are looking to more sophisticated asset-protection and estate-planning options.

Many of our clients are concerned about protecting their assets. They want to make sure that their assets are retained within their family and are used to benefit family members. A wide range of factors can complicate your estate planning. High value properties, intricate investments, children from more than one relationship or involvement in a same sex relationship all necessitate special consideration. Our experienced and caring Wills and Estates team are happy to discuss your situation with you and make recommendations of an Estate plan that best suits your needs.

Whether you require simple or more complex estate planning advice we can tailor documents to meet your individual needs. The first step is to contact us so we can identify your needs.

Contact Sue Fleming or Adam Robinson for more information on 3123 5700.