Why Family Trust Succession Should Be Documented Outside the Will in Western Australia

Introduction In Western Australia, many families rely on valuable, discretionary (or “family”) trusts as key wealth management and estate planning vehicles. However, the control of such valuable trusts at a succession event such as the death of the key controlling person behind the trust (typically exercised by the deceased in their role as the… Continue reading Why Family Trust Succession Should Be Documented Outside the Will in Western Australia

Key Benefits of Testamentary Trusts in Estate Planning

Asset Protection: Testamentary trusts can help safeguard inherited assets from risks like bankruptcy, mental incapacity or divorce. Tax Advantages: They often allow for legitimate income splitting and reduced tax rates on distributions to minors. Flexibility in Distributions: Trustees have discretion to manage income and capital distributions based on beneficiaries’ needs, providing adaptability over time, while… Continue reading Key Benefits of Testamentary Trusts in Estate Planning

Debt Forgiveness and Unpaid Present Entitlements (UPEs) in Family Trust Estate Planning

Learn how debt forgiveness and unpaid present entitlements (UPEs) from family trusts affect Wills, estate planning, executors, and beneficiaries.

Estate Planning considerations: ‘Portions and Ademption’

Rather than recycle trite topics like: “What is a Will”, “Why Testamentary Trusts are awesome”, “How do I protect my assets from my disliked son/daughter-in-law” etc etc, this article covers the lesser-known yet still important areas of ‘portions and ademption’ ⚖️ i.e. lifetime gifting (which is different again to the ‘presumption of advancement’ and actual,… Continue reading Estate Planning considerations: ‘Portions and Ademption’