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Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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One of my parents in law has just been shown her spouse's

Customer Question

One of my parents in law has just been shown her spouse's will. This is both their second marriage and her spouse has several children from the first marriage. The provision for her is in the form of a lump sum in trust from which she will be paid income and a right to remain in the family home but not a right to the capital tied up in the home even if she has to leave due to future medical incapacity. The income that would be derived from the trust would leave her living a very basic life while the spouse's substantial sum of other assets are to go to the surviving children. Does this sound like a standard arrangement under Queensland law and, if not, why not.
Thanks for your help
Submitted: 2 years ago.
Category: Australia Law
Expert:  James D. Ford replied 2 years ago.
Hi Tone From what you are describing it appears as if it is skewed in favour of the children. Where it is of benefit to protect a party or parties.. and keep assets safe from creditors/future relationships/bankruptcy/etc. it is common that testamentary trusts are established. These can also have taxation benefits... Is it understood why the testamentary trust has not been set up on behalf of all of the beneficiaries? In order to make any further comment, I would need to see the Will, and the details of the potential estate, the value of the house, the level of the income to be provided, how long she can remain in the home (is it a life interest) or the age, job, super, financial and health details of all the beneficiaries. In Qld, it is possible for a party who has not been adequately provided for, to challenge the terms of a Will. Kind regards, James
Customer: replied 2 years ago.
Hi JamesI will try to answer what I can.The total value of the estate is around 3m. From this my parent in law is given 250k in trust from which they receive unspecified quarterly distributions. She also has the right to live in the house for life or until she decides to vacate. After that the home passes to the three sons in law. She has lived with her spouse for 15 years and they are both in their mid sixties and retired.The remaking assets are also in a separate testamentary trust for the benefit of the 3 sons.Does that provide sufficient info.? I don't think that I can send a copy of the will at this stage.Best wishes
Customer: replied 2 years ago.
Sorry - remaking should have read remaining.
Expert:  James D. Ford replied 2 years ago.
That is a start.. but as you can understand.. there are a lot of factors, so I can only comment generally. And it also depends upon what assets your parent in law has herself.. and her health, as well as the same for the three sons in law... Seems skewed to the 3 sons in law. Kind regards, James