Yes, you do need a testamentary trust
Most people who advise on testamentary trusts talk about the ‘tax benefits’. This emphasis is plain wrong. Why? Because, a simple Will (without a testamentary trust) is more likely to do harm, and to lead to family disharmony, than one with a testamentary trust.
What happens to a gift in your Will if you no longer own the asset when you die?
A gift of property that is no longer in your estate when you die automatically ‘fails’ (or ‘adeems’). This rule can lead to unfairness and unintended consequences.