BASIC WILLS AND
TESTAMENTARY TRUST WILLS
Wills and Estates Lawyers on
the
Gold Coast and Northern NSW
When planning your estate, one of the most important decisions is whether a basic Will is suitable or whether a Testamentary Trust Will may be more appropriate to protect your family and assets. The right option depends on your personal circumstances, family structure, the nature of your assets, and how you want your estate managed in the future.
Basic (Simple) Wills
A clear and straightforward way to protect your loved ones.
A basic Will sets out how your assets are to be distributed after you pass away, who will be responsible for administering your estate, and any important wishes for your loved ones. It may be suitable where your assets and family arrangements are straightforward.
Did you know? Many people use a basic Will to provide clear instructions about asset distribution, executors, beneficiaries, guardianship wishes for young children and funeral or personal wishes without needing additional estate planning structures.
Testamentary Trust Wills
Additional protection and greater flexibility for your beneficiaries.
A Testamentary Trust Will includes one or more trusts that come into effect after your death. Rather than assets passing directly to beneficiaries, they are held and managed by a trustee for the benefit of those beneficiaries.
Did you know? Testamentary Trust Wills can provide greater flexibility in how assets are managed and distributed over time, rather than a once-off transfer. Particularly valuable for blended families, beneficiaries who are vulnerable for minors, or where there are significant assets.
A Testamentary Trust Will may be right for you if you have:
Minor children
Provides for their care and financial security.
Blended Families
Helps ensure balanced support for all family members.
Beneficiaries needing support
Ideal for loved ones who may need long-term care or financial protection.
More substantial or complex assets
Helps protect your assets for future generations.
Basic (Simple) Wills
A clear and straightforward way to protect your loved ones.
A basic Will sets out how your assets are to be distributed after you pass away, who will be responsible for administering your estate, and any important wishes for your loved ones. It may be suitable where your assets and family arrangements are straightforward.
Did you know? Many people use a basic Will to provide clear instructions about asset distribution, executors, beneficiaries, guardianship wishes for young children and funeral or personal wishes without needing additional estate planning structures.
Not sure which Will is right for you?
Contact our Wills and Estates team today for a confidential conversation to discuss the right estate plan for you.
Your Questions, Answered
Find answers to common Basic Will and Testamentary Trust Will questions below. Have a question not covered here? Enquiry today to discuss your situation.
Do I need a Testamentary Trust Will?
Not everyone does. Testamentary Trust Wills are often considered where family or financial circumstances are more complex, such as blended families or where beneficiaries may benefit from structured management of assets. Legal advice can help determine whether this option is appropriate for you.
How much more complex is a Testamentary Trust Will compared to a basic Will?
A Testamentary Trust Will involves additional planning and documentation compared to a basic Will. Whether this added complexity is worthwhile depends on your personal, family, and financial circumstances. A complimentary consultation can help determine whether the additional structure is appropriate for your situation.
Can a Testamentary Trust Will be updated later?
Yes. Like any Will, a Testamentary Trust Will can be reviewed and updated as circumstances change. It’s recommended to review your Will after major life events or changes in financial or family circumstances.
