Testamentary Trust

One of options often considered in estate planning is to include a trust as part of the will ie; a testamentary trust. The advantages include:

maintaining social security entitlements;
ensuring that assets pass to children even if a surviving husband/wife remarries;
capital gains tax and income tax advantages;
providing for children with an intellectual disability or mental illness; and
protecting assets where a beneficiary becomes bankrupt or divorced.

There are few general rules about whether a testamentary trust will be best for you. It will depend on your individual circumstances and how you want to leave your assets. You will need expert advice about this.