Category:Testamentary Trusts
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Testamentary Trust Definition
A testamentary trust is a trust which has been established through a will or codicil and arises from the death of the testator. The term "testamentary trust" is generic, as there are a number of different types of trust which can be established under a will.
Many Australian philanthropic foundations are testamentary trusts which have been established for public charitable purposes. A large number of testamentary trusts in Australia are administered by professional Trustee Companies.
- Charitable testamentary trusts are entitled to be endorsed as Tax Concession Charities in order that they are exempt from income tax and entitled to refunds of franking credits on dividends they receive.
- A testamentary trust is generally not a Deductible Gift Recipient and is not necessarily legally required to make grants only to Deductible Gift Recipients.
- Trustees of testamentary trusts may be the same persons as the estate's executors, or they may be separately appointed
- The trust may be established with a specific sum, assets or by committing the residuary estate to it
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All pages contained within "Testamentary Trusts"
There are 3 pages contained within this category.