How to pay for your grandkids’ education through your Will?
It’s in our nature to look out for our loved ones and one of the most valuable assets you will ever ‘own’ is your education.
So it’s not surprising that we receive a number of calls from people wishing to somehow pay for the future expenses of their child or grandchild’s education, in the event of their passing.
Unlike cash, cars or material ‘things’, the gift of education is one that could make a profound difference in your grandchild’s life.
So how can you ensure they’ll have their costs covered – rain, hail or shine?
The answer is rather simple – you set up an education fund for your grandchildren in your Will, through the vehicle of a Testamentary Trust.
Testamentary Trusts created by a Will not only facilitate the provision of your grandchildren’s education fund; they also offer significant tax savings on your inheritance. A win all round!
What is Testamentary Trust?
A Testamentary Trust is a Trust established by a Will. It only comes into effect after the death of the Will-maker.
Can I ensure that the funds can only be used for education or the benefit of my grandkids?
Yes – You tell us how you would like the funds in the education fund paid and we can accommodate this when drafting your Will.
What are the benefits?
There are lots of benefits having a Testamentary Trust Will:
- Significant tax benefits and savings – at time tens of thousands of dollars can be saved!
- Flexibility for beneficiaries – each grandchild is different!
- Asset protection – Protect your inheritance from unwanted beneficiaries or claims.
It is complicated?
We will assist you to understand and draft your Testamentary Trust Will. That is what we are here for! Many of our clients who complete their Testamentary Trust Will are surprised by the simplicity of the process and delighted with the resulting peace-of-mind.