Single Will – Tax Effective 3-Generation Testamentary Trust

 

Start building for free: protect your family from death taxes, divorce and bankruptcy

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

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

Tax-effective 3-Generation Testamentary Trust Will

Professor Brett Davies developed Legal Consolidated’s 3-Generation Testamentary Trust in 1997. Your beneficiaries use the flexibility in the Will 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 will provides 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.

Want the two POAs as well?

Build the Singles Estate Planning Bundle. It includes this Will plus 2 POAs.

Married, de facto or life partner?

Leaving everything to each other first? Build two Mirror Wills instead.

Free storage and monitoring of your signed Will

Your original signed Will is valuable. Keep it safe and let your Executors know where it is stored. (You may wish to email a copy of your Will to the Executors.)

You can store a signed Will at home, at the bank or with the Executors.

Alternatively, you can store your signed Will at no cost with a law firm specialising in Will storage.

When you die, the law firm holding your original Will uses its best endeavours to get the original Will to your Executors. Storage is free.

Further issues covered in the free building process

Death Taxes

• Australia’s four death duties
• 32% tax on superannuation to children
• Selling a dead person’s home tax-free
• CGT on dead person’s jewellery and designer watch

Protecting Beneficiaries

• Divorce Protection Trust
• Bankruptcy Trusts
• Guardians for under 18-year-old children
• Will challenges

Assets not in your Will

• Joint tenancy assets and the family home
• Loans to children, parents or company 
• Who controls my Company at death?