Vanguard
Business
 Solutions

is a CPA Practice
Testamentary Trusts

 

 

   WILLS THAT PROTECT:

 

  • receiving inheritance when bankrupt
  • children until they reach adulthood
  • mental health and other disabilities
  • spendthrifts, gambling, drug and alcohol addicted

 

 

The benefits


After your death, your estate assets are distributed to your spouse, children, grandchildren and other beneficiaries in the usual way however if there is a loved one with special needs then some of the assets can be used to create a Trust.


This special "Testamentary Trust" will be devoted to the well being of your loved one but he or she will not directly own or control the assets in the Trust.


All income from the investments in the Trust will typically be distributed to your loved one. However the investments themselves (the "capital") can be fully preserved or only distributed in some sensible way.


If your loved one faces a personal bankruptcy situation, the Trust can protect the inheritance you have built up for them over your lifetime from being seized by creditors (such as banks).


The Trust can also protect the vulnerable from themselves  for instance if your loved one has gambling, drug or alcohol addiction problems.

 

 

David Barrow – my own Testamentary Trust story


I am a CPA Accountant.  I arrange Testamentary Trusts through this Vanguard CPA Practice.


During some long-running litigation with Rupert Murdoch's NewsCorp, I was facing some heavy legal bills that would likely bankrupt me if my legal appeals were unsuccessful.


I managed to tough it out until we finally reached a settlement, but as a sensible precaution my family members wrote a Testamentary Trust into their Wills.


This meant that either before or during the 3 years that a bankruptcy usually runs, if I had inherited some assets then the Testamentary Trust would have helped me make a fresh start rather than have the assets seized by Rupert Murdoch's lawyers.


 

The costs


I charge $1,300 (inclusive of will drafting legal costs) to arrange a Testamentary Trust.


Additional work for more complex situations may require further fees.  All professional services are quoted in advance.



Contact me on 1300 889 351 to discuss your options


contact@vanguardconnect.com.au




The information above is provided as an information service only and does not constitute legal advice. You must determine whether the information is appropriate for your particular circumstances.



Vanguard Business Solutions
is a CPA Practice


David C. Barrow

Certified Practicing Accountant


Bachelor Commerce (Honours)
University of Melbourne


Contact me on

1300 889 351

to discuss your options