The commentary on testamentary discretionary trusts in our Wills publications now has a more in depth discussion of:
- the benefits of testamentary discretionary trusts;
- when a testamentary discretionary trust is appropriate;
- family trust elections.
There are several By Lawyers precedent wills which create testamentary discretionary trusts for individuals and spouses, as well as a library of testamentary discretionary trust clauses. These precedents can be used to establish a single testamentary discretionary trust for all assets and beneficiaries of the estate, or multiple testamentary discretionary trusts for specific beneficiaries. They can also be used to establish additional testamentary discretionary trusts to provide protection for specific assets such as quarantining a family business or to allow for the particular needs of an individual beneficiary due to say drug addiction.