I am in the process of updating my will as I am undergoing treatment for cancer, and have had an eye opening experience being an executor of will for a deceased estate of a relative. I have one child (school age) and an Adult step-child.
The step-child received a reasonable benefit when his father passed away 12 months ago. Neither his Father or myself have had much contact over the years with him. In fact, most contact is of a passive aggressive nature on their part. In terms of sibling contact, this is arms length contact only via Social Media. They do not see each other, nor does he attend any functions, parties or events she may go to or be part of.
My estate will include both Shares and Real Estate. What I want to do is the following:
· Leave the title of my home to my daughter – as in, state clearly the title is to transfer to her for her to do as she sees fit.
· Leave all my shares to my daughter
· Leave provision for my stepson as follows: He is to receive a cash value equivalent of 20% Valuation of our home.
· My Daughter will have my superannuation and Life Insurance payouts to fund the cash payment as I have listed her as my binding beneficiary to ensure they remain outside of my estate.
To be honest, I would rather only leave 10 or 15% to him as he has already received a benefit of over $150,000 when his Father passed away. Or even just leave a lump sum payment and not a percentage. My husband provided a benefit to him to ensure he did not contest his will and create issues for me as we had been advised that he could contest the will if he did not receive a direct benefit from his father.
Could I document my will in this way? And legally would it stand up? Would he have reasonable grounds to contest the will? I want to ensure my Daughter is protected as I just don’t trust him.
I have been told by a solicitor that I do not have to leave anything to him as his father provided for him in his will. Another solicitor has told me though that this would leave the estate vulnerable to him contesting the will as he also has a claim on my estate. Who is right?
NB: both his mother and his step-father are still alive and he would receive benefits from their estates once they pass. My daughter only has my estate.
Since I do not know how much time I have left – you never know with this disease – I am also in the process of educating my daughter in finances. Since she may be a minor at the time of my passing, I will have a trustee arrangement setup, which will be her Aunt and Uncle ( from opposing sides of the family to ensure they keep each other honest ).
If I go before she reaches 18/leaves school, she will have the option of who she lives with. The trustee will be joint and I am also wanting to stipulate that they have to report to her each quarter.
Any words of wisdom would be appreciated….
The step-child received a reasonable benefit when his father passed away 12 months ago. Neither his Father or myself have had much contact over the years with him. In fact, most contact is of a passive aggressive nature on their part. In terms of sibling contact, this is arms length contact only via Social Media. They do not see each other, nor does he attend any functions, parties or events she may go to or be part of.
My estate will include both Shares and Real Estate. What I want to do is the following:
· Leave the title of my home to my daughter – as in, state clearly the title is to transfer to her for her to do as she sees fit.
· Leave all my shares to my daughter
· Leave provision for my stepson as follows: He is to receive a cash value equivalent of 20% Valuation of our home.
· My Daughter will have my superannuation and Life Insurance payouts to fund the cash payment as I have listed her as my binding beneficiary to ensure they remain outside of my estate.
To be honest, I would rather only leave 10 or 15% to him as he has already received a benefit of over $150,000 when his Father passed away. Or even just leave a lump sum payment and not a percentage. My husband provided a benefit to him to ensure he did not contest his will and create issues for me as we had been advised that he could contest the will if he did not receive a direct benefit from his father.
Could I document my will in this way? And legally would it stand up? Would he have reasonable grounds to contest the will? I want to ensure my Daughter is protected as I just don’t trust him.
I have been told by a solicitor that I do not have to leave anything to him as his father provided for him in his will. Another solicitor has told me though that this would leave the estate vulnerable to him contesting the will as he also has a claim on my estate. Who is right?
NB: both his mother and his step-father are still alive and he would receive benefits from their estates once they pass. My daughter only has my estate.
Since I do not know how much time I have left – you never know with this disease – I am also in the process of educating my daughter in finances. Since she may be a minor at the time of my passing, I will have a trustee arrangement setup, which will be her Aunt and Uncle ( from opposing sides of the family to ensure they keep each other honest ).
If I go before she reaches 18/leaves school, she will have the option of who she lives with. The trustee will be joint and I am also wanting to stipulate that they have to report to her each quarter.
Any words of wisdom would be appreciated….
