Estate planning involves a myriad of considerations, including how your assets will be distributed after your passing. For some, the inclusion of a testamentary trust is a crucial aspect of their will.
Creating a Testamentary Trust: A Complex Endeavour: The creation of a testamentary trust within your will is not a straightforward matter. It involves legal and financial nuances that necessitate expert guidance, as well as the consideration of various legal and regulatory aspects.
1. Safewill's Approach: Safewill acknowledges the importance of testamentary trusts but does not include the ability to create them within its standard will-making platform. In the absence of specific trust provisions, all gifts designated for underage beneficiaries are held by the executor in trust until the beneficiaries reach the age of 18.
2. Customised Trust Provisions: If you wish to specify a different age for inheritance or to create a formal testamentary trust, this process is more complex than what the Safewill platform accommodates. Such actions require the expertise of an estate planning lawyer who can guide you through the legal intricacies.
3. The Role of Safewill Legal: While Safewill itself is not a law firm and cannot provide legal advice through chat, it offers a solution through its affiliate law firm, Safewill Legal. This law firm is equipped to address the complexities of testamentary trusts and guide you through the necessary legal procedures.
4. Expert Consultation: By selecting the Legal Advice add-on at a fixed fee of $199 during your will creation process, you can access the expertise of one of Safewill Legal's experienced lawyers. This consultation allows them to understand your unique circumstances, review your will, and assess whether it is appropriate to include a testamentary trust.
5. Testaments Trust Preparation: It's important to note that the $199 fee for legal advice does not cover the preparation of a testamentary trust, which may be quoted separately by Safewill Legal once they have a comprehensive understanding of your specific needs.
The inclusion of a testamentary trust in your will is a significant decision that involves legal and financial intricacies. Safewill recognises the importance of addressing these complexities and offers a solution through its affiliate law firm, Safewill Legal. By accessing their expert consultation and guidance, you can ensure that your estate planning accurately reflects your intentions and adheres to the legal requirements associated with testamentary trusts. While there may be additional costs for trust preparation, the $199 fee for legal advice is an investment in the proper execution of your estate planning, providing you with peace of mind regarding your final wishes.