Obviously it’s really important to obtain specific tailored legal advice about your own unique individual circumstances. 

After receiving advice, if you’re still in doubt, use a testamentary trust. We can prepare testamentary trusts that have opt out clauses, so if at the date of death, you’ve spent it all in your retirement and there’s nothing left to invest, your loved ones won’t be forced to take the trust if it’s not appropriate. With that in mind, I always err on the side of caution because the testamentary trusts give your loved ones options, the standard Wills don’t.

The testamentary trusts can by bypassed if it’s not needed but if you die without one and your loved ones needed it, because they just happen to be going through a relationship breakdown, or they’re being pursued by the trustee in bankruptcy, you cannot get the same outcome. They miss out and your assets will be exposed. So if you’re on the fence, use the testamentary trust.