Who should have a 3 Generation Testamentary Trust in their Will?
The only people who don’t require 3 Generation Testamentary Trusts in their Wills are people who feel guilty for not paying enough tax throughout their life! Even if you only own a family home and some money in the bank advantages can be gained from 3 Generation Testamentary Trusts. Of all the people who paid Capital Gains Tax in 1997/98 – 80% earned income of less than $35 000. Estate Planning is not for the rich. It is for people who don’t like paying these taxes. Can my family set up a 3 Generation Testamentary Trust after I die? If there is no 3 Generation Testamentary Trust in your Will then you can still set up a Post Testamentary Trust (PTT) but only if you leave orphan children under 18 years of age. A 3 Generation Testamentary Trust in your Will provides greater protection than a PTT. A Post Testamentary Trust is a second best position. Estate Planning You have worked hard to protect your family. You have paid tax throughout your life. With proper Estate Planning, including Te
