Incorporating a Testamentary Trust within your will can provide significant flexibility along with asset protection and tax minimisation for those who benefit from your estate, as well as providing possible protection of your beneficiaries from third parties such as creditors.
A Trust does not come into effect until after the death of the person making the will. A Trust describes a structure whereby assets are managed by one person (or persons), ie. a Trustee, for the benefit of others (the beneficiary or beneficiaries).
Under a Testamentary Trust, the Trustee has the discretion to distribute capital and income between a group of beneficiaries nominated in your will.