A discretionary family trust has much of the same benefits as a testamentary trust but can be established while you are alive. The establishment of a discretionary family trust can assist in the tax-efficient transfer of wealth from one generation to the next as well as provide flexibility in dealing with the present.

Important things to consider are who has control of the trust on your death and does your trust deed deal with this issue in the most efficient manner for those surviving beneficiaries?

It may mean that a review of your will is needed to ensure that it remains relevant to your current circumstances.

If you do not have a discretionary family trust, have you considered the tax benefits and flexibility this structure provides now and in the event of death or disablement?