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Hi BV, The testamentary will trust is established upon our death. Thus the assets we have now (excluding our discretionary trust) will move into this trust. Regards Jason.

Hi RumpleElf, Actually, I didn't ask about costs before proceeding - which, I know is a little risky - especially dealing with lawyers! The reason I was happy to proceed is that I had been recommended this lawyer from a friend, and I knew that the firm dealt with setting up Testamentary Will...

Thanks Terry, Would this mean that if my daughter had control of the trust before she married, then, should the relationship break down, her spouse may have a claim on those assets? Would a de-facto partner have equal rights? I wasn't aware of this - thanks for the information...

Hi Terry and Battler, I know it's ages since I wrote this thread. Thought I would update. We now have a proper Testamentary Will Trust in place. The lawyer was extremely helpful - and although the process took a while (draft will etc, lawyer on holidays, us away etc etc) I am pleased that it...

Thanks Terry, I will certainly update after my meeting. Thanks for the resources too. Regards Jason.

Thanks Terry for the information. Things are becoming clearer now. I have an appointment next week to see the owner of the law firm who will guide us through setting up a Testamentary will trust. Regards Jason.

Thanks Battler. Good information. I will ask the lawyer about what happens if we have more children. As it now stands, we have our executor standing in the wings to inherit everything if we are all wiped out!!! Regards Jason.

Thanks Terry for the extremely valuable information. I was very confused as to which type of trust the will is currently set up in - thanks for clarifying. Would I be right in thinking that as the will currently stands, there will be no capital gains tax or stamp duty etc to be paid when...

Thanks battler. That is the general gist I got from the solicitor too. We do have life insurance that would cover out debts so there won't be any need to sell the assets - but that's a whole other issue! Thanks again, much appreciated. Regards Jason.

Hi everyone, I am in the process of updating my will. Always an emotive type of issue but a necessary process to ensure that in the event of unfortunate circumstances assets are transfered correctly to your nearest and dearest. Anyway, I am unsure if the draft of the will I have is...