All right, look at me go getting ahead of my recording. I've worked out how to get rid of the skeleton, so you don't have that anymore. I'm just going to set my teleprompter up and maybe speed it up ever so slightly. Actually. Oh. All right. Going to speed it up only a little bit. I'm so going to fall on my computer one day. All right. Let's see how we go. Hi everyone, welcome back to the Stacey M Show. I'm Stacey, and today we are talking about something that sounds complicated, but it's actually pretty straightforward once you break it down, and that is called testamentary trust. If you've ever wondered how to protect your kids' inheritance or make sure your money goes where you want it to go after you've gone, then stick around because this one is for you. So what is a testamentary trust? Think of it like this. It's a special container, I suppose, for your money and assets that gets created after you pass away. It's set up through a wheel and it holds onto things for your loved ones, usually your kids, until they're ready to manage it themselves. So instead of your eighteen year old getting a shit ton of money once you've passed away that they might blow through, which happens, a testamentary trust lets you control how and when they access it. Maybe when they hit twenty five or thirty. It's used for education and living purposes along the way, though. So why would you want one? Here are some reasons why people prefer a testamentary trust over a standard will. So it can have protection from bad decisions. So let's be honest, most teenagers and young adults aren't the greatest with money. A trust keeps it safe until they're more mature, if that happens. Protection from relationship breakdowns is also another one. If your child goes through a divorce, money in a testamentary trust could be protected and may not be split with their ex. There are tax benefits as well. So trust can be more tax effective, especially when distributing income to kids or managing investments. creditor protection so if your child runs into financial trouble or gets sued the trust asset may be protected notice i'm not saying ah so how does that work you set it up in your will you name a trustee someone you trust to manage the money responsibly like a family member friend or professional when you pass away instead of everything going directly to your kids it goes into the trust The trust even manages it according to your instructions. They could pay for things like school, buying a home, living expenses, investing until your kids reach that certain age. So bottom line, a testamentary trust gives you control, protection and peace of mind. It is definitely not just for the wealthy. It's for anyone who wants to make sure that their loved ones are looked after properly. If you're thinking about your estate planning or going through a separation and you need to update your will, this is something worth discussing with either us or your lawyer. So hope that makes sense. I probably whizzed through that very quickly, but I wanted to break it down as much as I possibly can so it was less confusing for you guys. If you have found this helpful, please share it with someone who needs to hear it. And if you have any questions at all, please do let me know. And I'd be more than happy to answer them. So remember, the cost of a testamentary trust is usually greater than what a standard will is because there's a lot more work that goes into it. And there's obviously a lot more benefits in a testamentary trust than what you have in your standard will. That could definitely be worthwhile. The money to make sure that the assets are protected as best as we possibly can. Tax is reduced as much as we possibly can and can save also for any relationship breakdown in the future. So please reach out if you have any other questions about what a testamentary trust is. And yeah, we will help you from there. All right. Enjoy the rest of your day. Please share this with anyone who may be be putting off or they have mentioned what they're needing a testamentary trust and they're not quite sure what it is. And yeah, enjoy the rest of your day, guys. See you. All right, I think I whizzed through that one a bit quick. I don't know if I'm getting better or worse. Thanks, Jim.
