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  1. #11
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    Honestly if you are dealing with trusts and reasonably large sums of money I think it may be worth getting a solicitor to sort it out for you.

    They can tie up all the loose ends for you - right down to ensuring that the beneficiary of your life insurance as superannuation is sorted out so as to make it as easy as possible for whoever will be administering your estate.

  2. #12
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    Thanks again. I'm surprised those of you that are lawyers have even engaged a separate lawyer to do your own Wills! That's enough to suggest it would definitely be the right option for me too since a trust would be involved.

    I also wasn't aware you could prepare a Will with the impending divorce noted - everything I've read so far suggests a Will is automatically void if a marriage or divorce occurs. Good to know.

    I wasn't planning on engaging a lawyer for the divorce, was just going to complete the form and pay the fee! Our house will need to be sold, I can't afford to keep it in my own past this year. There's no other property - do I really need a lawyer in this case?

  3. #13
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    You only need a lawyer for divorce and property settlements where the parties are not agreeable to the terms or if you suspect there is hidden money or trusts.

    I wouldn't do my own will probably more because I know how badly things can go wrong. I also personally wouldn't use the public trustee.

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  5. #14
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    Just to disclose up front I'm a family lawyer. I'd highly recommend you get some advice re having a property settlement. I've seen too many people get in trouble not doing it and it can come back to bite you years later.

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    Seeing as your sister would take the kids if DH was not alive to do so, I'd make her the trustee. Assuming she's not years and years older then you? And will likely outlive you ?

    At least for the meantime I'd make he the trustee absolutely no way would EX DH be in the picture at all.

    I'd also want something in there to say the kids can have access to said money after x age.

    So EX DH and possible girlfriend can't manipulate money out of them.

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    Quote Originally Posted by Mellie29 View Post
    Just to disclose up front I'm a family lawyer. I'd highly recommend you get some advice re having a property settlement. I've seen too many people get in trouble not doing it and it can come back to bite you years later.
    Personally, I agree. There can be unintended consequences like tax issues arising from property settlements. When I did family law a loooooong time ago the Family Law Act controlled how much lawyers could charge for many things. NO idea if that's still the case. If your affairs are straightforward it shouldn't cost too much. there are some excellent family lawyers in Melbourne if you do choose to go that way. I could put you in contact with a few if you wanted xx

  8. #17
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    Quote Originally Posted by Mellie29 View Post
    Just to disclose up front I'm a family lawyer. I'd highly recommend you get some advice re having a property settlement. I've seen too many people get in trouble not doing it and it can come back to bite you years later.
    As another family law I completely agree, even if you agree to a settlement you should get some advice so that you can feel secure that the settlement is in your best interests.

    If you cannot afford to see a private solicitor contact your local community legal centre. Some centres do not handle property settlements but they often have pro bono solicitors who will give one off free advice sessions from the centre either during or after normal work hours.

  9. #18
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    We had our wills done by a big fancy-pants firm and I'll try and get the relevant clauses out for you tomorrow.

    But

    Definitely nominate a separate Executor to Guardian.

    You should be able to 'provide' out of the Trust for certain reasonable expenses of the Guardian (car, house, school etc).

    You should also be able to provide out of the Trust for Guardian and Executor to be paid an annual amount for their "work". It can b either a % amount or $ amount.

    I think with the *free* State Trustee wills, they expect to receive a portion of the Estate. I know that is what my brother found when he met with them.

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  11. #19
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    Ok, you've all convinced me I should be doing this properly with a lawyer!

    Sonja if you do know of any in Melb (I'm on west side but can travel) I'd greatly appreciate some contacts, thanks

    I'm kicking myself I gave exDH more credit than he deserved now. He got a approx $70k payout at Xmas which I didn't get any of - would be all gone now. I never fought or asked for any, thinking he was having a tough mental time (not an affair ) so was cutting him slack. Half of that could have potentially meant staying in my house!

  12. #20
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    Quote Originally Posted by delirium View Post
    You could put it in trust and make him the trustee so he couldn't touch the money until they were of age? I have no financial or legal training so I'm unsure if a trustee can use the money themselves?

    Personally I wouldn't be naming him trustee. I would have a youngish family member like a sibling you trust.

    While this is true the trustee can access the money they just have to prove it's for the children. As for making it so that the trustee can't access the money and only the children could when they were of age... that would be a bit ridiculous because the person looking after your children would be required to fork out all the money for them while the child would reap all the benefits once they reached 18.

    One thing you could maybe do is work out how much it should cost to raise a child put it in a trustee account for them to use and then put money into your childrens names so that when they become of age they have some money to start off in life.. bond or deposit for a house etc.


 

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