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Testamentary trusts: The need for integrity, effectiveness and quality


The greatest transition of intergenerational wealth and an ageing population are together compounding the complexity of modern succession planning. Against this socio-economic backdrop, the utility and relevance of testamentary trust structures cannot be understated. The income tax benefits and asset protection afforded by testamentary trusts can achieve significant outcomes for the succession of family wealth. However, testamentary trusts should not be viewed as a “catch-all” vehicle that are relevant or appropriate for use in all circumstances. There is an increasing need for advisers to turn their minds to the integrity, effectiveness and quality when drafting testamentary trusts to ensure that their clients’ succession planning objectives can be achieved.

Author profile

Emily Anderson
Emily is a lawyer with the Tax and Revenue Group of Cowell Clarke. Emily has experience assisting clients with their business structures, with a focus on internal business restructures and sales including addressing the capital gains tax issues. Emily also has a keen interest in assisting clients streamline their business structures to achieve their succession planning objectives and to ensure that private wealth and control are passed to the next generation in a tax-effective manner taking account of the various Federal and State tax issues. - Current at 12 February 2019
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