Putting a protective trust in your Will can greatly benefit people who cannot adequately look after their own financial affairs.
A protective trust in a Will can be appropriate for a range of beneficiaries, including those who:
- are severely disabled
- have a less severe disability such as autism or aspergers
- have an addiction such as gambling, alcohol or drugs
- are bankrupt or in danger of becoming bankrupt
- are spendthrifts
- are easily influenced by others.
A testamentary trust with protective provisions in the Will allows you to benefit that person but provide control to another to ensure that the inheritance provided is used and maintained for the benefit of that person.
If you have a severely disabled child or relative, we can assist you with establishing a Special Disability Trust. One key advantage of this trust is that assets held by it up to a certain threshold are immune from Centrelink income and assets tests.
This is a sensitive and complex area where you need the advice of experienced estate planning lawyers.
Call us on 08 8523 8400 for a no obligation consultation with one of our lawyers or email us at firstname.lastname@example.org.