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Tax Effective 3-Generation Testamentary Trust Mirror Wills

Tax Effective 3-Generation Testamentary Trust Mirror Wills book cover

  • Tax Effective 3-Generation Testamentary Trust Mirror Wills

  • $975 includes GST

• Free building process • Read hints • Educate yourself • Answer the questions • Telephone for help
Start building for freeChecklist
Sample document

Mirror Wills: contain tax-effective 3-Generation Testamentary Trusts

Press START BUILDING FOR FREE. Answer the questions one page at a time. Read the hints and watch the training videos on each page. Press Next to save your answers.

At LOCK AND BUILD, you are welcome to telephone Legal Consolidated to discuss your answers with a lawyer.

Build two tax-effective 3-Generation Testamentary Trust Mirror Wills3 Generation Testamentary Mirror Wills reduce death taxes divorce and bankruptcy trusts

The two Mirror Wills leave everything to each other. After both of you die, everything goes to your beneficiaries.

These Wills protect your family from death taxes, bankruptcy and divorce.

If you want to build the four Powers of Attorney at the same time, then build the Couples Bundle instead.

Not leaving everything to each other? Build two separate Singles Estate Planning Bundles instead.

3-Generation Testamentary Trusts

Professor Brett Davies developed Legal Consolidated’s 3-Generation Testamentary Trust in 1997. Your beneficiaries use the flexibility in the Wills to protect themselves from:

  1. de facto death duties of CGT, income tax and stamp duty;
  2. 32% tax on superannuation paid to adult children with Superannuation Testamentary Trusts;
  3. bankruptcy with Bankruptcy Trusts;
  4. divorce with Divorce Protection Trusts; and
  5. being under 18, vulnerable or receiving Centrelink.

The trusts are flexible. A beneficiary can use the trust, leave it dormant, or turn it off when it is no longer required. Each beneficiary receives their own 3-Generation Testamentary Trust to use when needed.

The Wills provide freedom to divide the assets. Say your estate has $1 million in shares, $1 million in property and $1 million in cash. One child can take the shares. Another can take the property. The remaining child can take the cash. This stops an artificial split of every asset and helps reduce unnecessary CGT and stamp duty.

Update your Wills for free

You can update your Wills and POAs for free. As often as you wish.

Free legal advice — now and after you dieMirror 3 Generation Testamentary Trust Wills save tax

The cost of your Legal Consolidated Wills includes free legal advice.

While you are alive, you, your adviser and your accountant can telephone Legal Consolidated with questions.

When you die or lose mental capacity, your executors, beneficiaries and their advisers can telephone us for free legal advice.

Free storage and monitoring of your signed Wills

Your original signed Wills are valuable. Keep them safe. Tell your Executors where they are stored. You may also email them a copy. You can store the signed Wills at home, at the bank or with your Executors.

Alternatively, store your signed Wills at no cost with a law firm specialising in Will storage and death notice monitoring. When you die, that law firm uses its best endeavours to get the original Wills to your Executors. Storage is free.

 

 

Further issues covered in the free building process

Death Taxes
Protecting Beneficiaries
Assets not in your Will