Testamentary and Discretionary Family Trusts
Precedents and Commentary
By: Charles Rowland, Phillip Edwin Bailey, Vik Sundar
DISCRETIONARY TESTAMENTARY TRUSTS: PRECEDENTS AND COMMENTARY provides practitioners with adaptable tools to draft these complex trusts safely and easily for differing client needs. Discretionary Testamentary Trusts (DTT's) are currently in high demand, as they offer significant tax advantages and provide valuable asset protection. The precedents contained in this text are flexible and adaptable to a wide range of client circumstances. To achieve flexibility the central DTT precedent, the 'Boilerplate' is modular. It consists of defined elements which the practitioner can select and assemble. There are variations for particular circumstances, ensuring it is not difficult to draft a seamless DTT will. The book also contains a precedent for a trust for a severely disabled person. DISCRETIONARY TESTAMENTARY TRUSTS: PRECEDENTS AND COMMENTARY also assists the practitioner to explain the will to the client by offering in lay person's language clause-by-clause explanations of the main Boilerplate precedent. Rowland and Bailey provide useful examples to show how the precedents could be used in practical situations. These examples include: gifts to members of a list, with some on DTT and some not, and with some to be represented on predecease and some not; unequal shares to children, one of whom is disabled, the disabled child to take on trust, the other children to take on DTT; and provision for a blended family using Divisions. The blended family precedent is designed to cope with a testator who may or may not have a former spouse or partner as well as a present partner, and children from a former relationship as well as children of a present relationship, using DTTs for some of the beneficiaries but not all.
AI Overview
The book "Testamentary and Discretionary Family Trusts" by Charles Rowland, Phillip Edwin Bailey, and Vik Sundar is a comprehensive guide for practitioners in drafting complex testamentary and discretionary family trusts. Here is a detailed overview of the book:
Key Themes
- Drafting System: The book provides a flexible and easy-to-use system for drafting discretionary testamentary trusts. It aims to accommodate the diverse family circumstances and testamentary wishes of testators.
- Family Circumstances: The text addresses various family scenarios, including provisions for spouses, children, and grandchildren. It also covers contingencies such as the predecease of beneficiaries and the distribution of inheritances through discretionary trusts.
- Precedents and Commentary: The book includes model testamentary trust precedents along with clause-by-clause commentaries. These precedents serve as the foundation for various variations of discretionary trusts, allowing practitioners to modify them according to specific family needs.
Plot Summary
The book is structured to guide will drafters through the complexities of modifying discretionary testamentary trust precedents. It begins with an introduction to the central purpose of providing a flexible drafting system. The text then delves into detailed strategies and precedents for handling different family circumstances, such as:
- Spousal and Child Provisions: It outlines how to provide for a spouse and children, including scenarios where a spouse or child predeceases the testator.
- Beneficiary Distribution: The book explains how beneficiaries are to take their inheritances through discretionary trusts, ensuring that the trust can adapt to various family structures.
Critical Reception
While specific reviews are not provided in the search results, the book's purpose and structure suggest it is well-regarded for its practical approach to drafting complex trusts. The inclusion of model precedents and detailed commentary indicates that it is a valuable resource for practitioners seeking to navigate the complexities of testamentary and discretionary family trusts.
Additional Information
- Editions: The book is available in at least two editions, with the second edition providing updated strategies and precedents.
- Legal References: The text includes references to relevant legal cases and statutes, such as WWard v Ward FMCAfam 193, which adds to its credibility and practical application.
In summary, "Testamentary and Discretionary Family Trusts" by Charles Rowland, Phillip Edwin Bailey, and Vik Sundar is a comprehensive guide designed to help practitioners draft adaptable and flexible discretionary testamentary trusts. Its detailed strategies, model precedents, and clause-by-clause commentary make it a valuable resource for those dealing with complex family trust arrangements.