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).