As a parent or grandparent, one of the best things you can do is give your child or grandchild a good education. But what if you weren’t around to help make it happen? Fortunately, you can put plans in place in your Will to make sure your children’s or grandchildren’s inheritance goes towards their education.
Usually, when you die, any inheritance your beneficiaries receive becomes part of their personal assets and are under their control. There’s no guarantee that they will use their inheritance for any particular purpose, such as their education.
An education fund established through a testamentary trust in your Will is a tax-effective and flexible way to provide for the education of your children or grandchildren.
For further information please contact us. We’re here to help.
Source: Australian Executor Trustees