QLD Non-Revocable Legacy - Standard Contract?

[crissy]

In the situation where only one partner in a marriage has adult children, is there a way to structure wills for both parties so that, should the spouse with adult children predecease the spouse without children:

• the full estate is given to the surviving spouse for their use during their lifetime; and
• there is a non-revocable condition in the will of the surviving spouse that ensures that an agreed portion of the estate remaining on the death of the surviving spouse will go to the adult children of the original spouse?

The idea here is to provide some certainty for the inheritance of the adult children, should the surviving spouse remarry or chose to gift the remainder of the estate elsewhere. If this cannot be achieved by the wording of the wills, is there a standard contract of this nature that can achieve this goal?

 

[Rob Legat - SBPL]

There's a number of ways to accomplish this goal, such as a life estate or testamentary trust. Neither of these are 'do it yourself'.

You can have a contract not to change the will, but in my opinion these are only about as effective as the integrity and intention of the person entering into them.

 

[Tim W]

I agree with Rob above.
This sort of thing is very do-able, and increasingly common.

I also agree that it's a job for a lawyer - not a DIY on some form from the newsagent.
Frankly, if the testator has enough assets for this to be thing they're thinking about,
then it's worth the investment in getting it all set up properly.
It's can also be a good choice more generally - because it's one of the few things a person can do while alive,
that will be genuinely helpful at an otherwise difficult time.