Prepare or review your will

Do you have a will? If so, are you aware there are ways of drafting a will that are more tax effective than others?

The simple will was adequate enough decades ago when tax systems were not as complicated and where laws allowing people to challenge wills, did not exist.

What are my options?

Put simply, there are two types of wills that people can choose from.

  • Option 1 - a simple will

This option is generally produced using a will kit.

  • Option 2 - a will with a Testamentary Trust

This option uses a Testamentary Trust which is established by a Will and comes into effect upon death of the Will maker. A carefully drafted Will establishing Testamentary Trusts can offer wide ranging benefits to the beneficiaries of your estate. Establishing testamentary trusts in your Will provides your beneficiaries with maximum flexibility in dealing with their inheritance.

The table below provides a comparison of both options:


  Simple will  Will with a Testamentary Trust 
Protection to beneficiaries 
on relationship breakdown.
Keep your estate in the family. 
No Yes
Protection to beneficiaries
from losing inheritance to creditors or bankruptcy.
No Yes 
Beneficiaries saving income tax and capital gains tax. No Yes
Protection of inheritance for immature/young
beneficiaries or vulnerable beneficiaries
No Yes

We all have different family circumstances, therefore a one size fits all approach may not result in the best outcome for you and your family. Give yourself some peace of mind by contacting our John Mujic on 1300 795 515 or email for an obligation free discussion.

This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, Hillross Financial Services Limited and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investments. Please contact us if you want more information. Prosperity Wealth Advisers Pty Ltd (ABN 32 141 396 376), is an Authorised Representative and Credit Representative of Hillross Financial Services Ltd, Australian Financial Services Licensee and Australian Credit Licensee.