After a relationship breaks down, leading to separation, an application is often made to a court for a property settlement. There are many common assets (real estate, vehicles, bank accounts etc) but there are some more uncommon “financial resources”; like an interest in a Testamentary Trust which also need to be disclosed during negotiations.
A Testamentary Trust is a Trust established within a valid Will and comes into effect upon the death of the Will maker. Incorporating provisions for a Testamentary Trust in a Will makes the administration more complex if the Trust is activated.
Most adults should have a valid Will. During the course of a lifetime, they should regularly review the provisions of their Will. In this article, we look at the various stages of life in relation to requirements for their Will at that point in time.