Basically there are two types of Wills, a standard will where inheritance is left to the person in their own name and a Testamentary trust will where the inheritance is left to the person but they hold it in trust for themselves and other beneficiaries such as their children and related entities.
The difference between a Standard Will and a Testamentary Trust Will is that the Testamentary Trust Will :-
- Provides protection for the inheritance in the event that a child suffers a relationship breakdown at a later date;
- Provides protection if a child becomes bankrupt as a result of financial misadventure at a later time;
- Offers significant taxation planning opportunities;
- Offers the opportunity to ensure that the inheritance goes to the deceased’s bloodline where a child dies shortly after receiving an inheritance.