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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 42631
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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We have one child and two grand daughters. We have family

Customer Question

Hi
We have one child and two grand daughters. We have family trust worth 20m. We want all to my son and grand daughters but but not the daughter in law. At the moment our will is left for me if my husband die and vice versa. We are warried that after we die and left to our son what if she divorce him later. Or if he die before her some of our estate will end up to her.
How can we protect that.
Patty
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Morning

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

The only way to protect the estate for your child and grandchildren is to see if the wife will enter into a Binding financial Agreement where she gives up the right to any inheritance that your son receives.

If she does enter into this then it is protected.

it is a pre-nup but in Australia under the Family Law Act they can be entered into at any time before or during the Marriage.
If she is not prepared to do this then it is going to be near impossible to protect the inheritance if it goes to your son.

If you change the Trust and leave it all to the grand children then she cannot do anything to make a claim but it will cost you money because you will be removing your son from the trust and that is a re-settlement and you will pay stamp duty on the 20M the trust is worth.

Here is some information about Binding financial agreements.

http://www.diyfamilylawaustralia.com/Topic/bfa_what_is_a_bfa.html

I hope this makes sense and is of assistance. If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards

Leon

Expert:  Leon replied 11 months ago.

Good Afternoon

Are you still in need of assistance?