Wills With and Without Testamentary Trusts

Two minute scenarios… 
Some clients need Wills with testamentary trusts, some do not. We always tailor our advice to suit the client and prepare Wills accordingly. Following are some scenarios where clients did not need Wills with testamentary trusts.
Scenario One… John & Robyn
Scenario: John and Robyn have been married twenty years and have no children but six nephews and nieces between them. They have a $350,000 house and about $850,000 in superannuation. 
What’s the issue? John & Robyn want Wills drawn up but have been putting it off. It all seems too complicated – they simply want to leave their estate equally to their nieces and nephews once they both pass away.
Solutions: Wills without testamentary trusts would provide a simple cost effective solution to their estate planning needs. Each child would receive $200,000 each, which they would get access to once they reach 18 years.
Scenario Two…. Peter & Sarah
Scenario: Peter & Sarah have been married thirty years and have four adult children. They have a $300,000 house and $600,000 in superannuation.
What’s the issue? Peter & Sarah feel all their children are in stable relationships and are not concerned about bankruptcy. Consequently they are happy for their children to receive their inheritance in their own name. 
Solutions: Again, Wills without testamentary trusts would be a suitable option for Peter & Sarah.
Scenario Three… Chris & Sophia
Scenario: Chris & Sophia have been married four years and have two young children. They have a $400,000 house and $600,000 in superannuation. 
What’s the issue? At this stage Chris & Sophia are very conscious of their outgoings. However, they do want to get Wills done partly to help clarify who they want to appoint as guardians for their children if something was to happen to them.
Solutions: Chris & Sophia can have Wills without testamentary trusts in them and can nominate who they wish to appoint as guardians for their children.

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