Planning for Prosperity’s Daniel Budreika was quoted in this recent Advertiser article ‘Life after death is a worry for baby boomer parents‘ by Anthony Keane.
Daniel was quoted as saying:
Testamentary trusts can split income among beneficiaries to suit their tax situations, and offer asset protection in the event of children going bankrupt or suffering a marriage breakdown. It’s best done with the help of professional advice from a solicitor or trustee company. “It’s not something you do through a will kit — it’s written into the will and is really something you need to get advice around.”
A standard will may cost you about $200 and a testamentary trust another $200, Budreika says. He prefers people appointing a professional to manage the trust rather than a friend or family member.
“Most people who get left as an executor of an estate have no idea what to do.
“In the end you can’t stop people from doing what they’re going to do, but you can try and mitigate mistakes as much as possible.”
Review your nominated beneficiaries, check that dependants you nominate are allowed under current laws, and remember that your superannuation does not automatically form part of your will.
People wanting their super to be part of a will and testamentary trust need to make that nomination with their super fund.