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  1. #1
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    Default Structuring wills and trusts

    After the arrival of DS1, we urgently need to redo our wills.Previously it was simple - in the event that DH or I died, the other wouldinherit the entirety of the estate, and in the event that we both died ourparents would equally share our estate.

    DS1 now complicates matters. We would want him (and any future siblings) to be the principal beneficiaries,but are wondering about issues such as:

    · Is it typical to set up a testamentary trust sothey don’t receive the money until they’re a suitable age?

    · How do you provide financially for the child/renand their guardian in the interim? (Eg.Do you specify an annual stipend or appoint a trustee to oversee dispersal ofthe money based on expenses?)

    We'll see a solicitor, but would like to go in with areasonable idea of how we’d like the wills structured. So, I hoped that some of you might be able toshare – how have you made provisions for your children? (Sonja – hoping you might have some goodadvice!)

    Also, is anyone able to recommend a suitable solicitor inPerth? (We’re in the western suburbs).
    .

  2. #2
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    Subbing!


    Me + DH = DS and DD

  3. #3
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    Have Pm'd you a firm in Perth.

    We have ours set up that if we both pass away we have two trustee's of our estate which is all for the children (plus 2 back up in case the first is not available). We have stated who will be there guardian. One of the trustee's is the guardian. Therefor at least we have another person making sure the money is not wasted etc. We have written a piece to go along with our will- not a legal binding document, but basically says what we would have supplied for our children eg. how much to give them for the first car etc, how much for there 18th, just a few bits like that. Our chosen guardian has similar parenting ideals to ours so we know it will be pretty obvious to them.

    Our will has a clause which states when the youngest sibling turns 21, they all become equal 'owners' of the trust.

  4. #4
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    Thanks Patsmum!

    Bumping.


 

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