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Glossary of terms used on this site

There are 73 entries in this glossary.
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T

Term Definition
Testamentary Trust

A testamentary trust is a trust created by a will. It is generally a discretionary trust - one where the Trustee has full discretion about who benefits, and to what extent, under the trust. The significant advantage of a testamentary trust is that the assets are owned by the trustee, and the benefit of the income and capital of the trust passes to the beneficiaries. This separation of control and benefit allows testamentary trusts to protect assets from any legal action involving the beneficiaries and/or misuse of those assets.

The terms of the testamentary trust are set out in the will. These terms can restrict the ability of any of the beneficiaries to control the activities and investments of the trust or give them complete control. The only way that a client can ensure that the assets are fully protected is to have at least two trustees, an independent trustee together with the primary beneficiary.

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Testimonials

Sean says

We are in business with my parents and brother. Some land had been transferred to my brother and I and we asked Jim to prepare a immediate exit strategy in case one of us had or wanted to withdraw. We sought bank finance to improve the land. Jim was able to do that plus discover a error in how the land was transferred that the bank had missed. Since then my brother has left the state and he is being paid out exactly as we set up; no argument.