A R Walmsley Solicitors Sydney

DOCUMENTS & GUIDES...

PROVIDING FOR CHILDREN IN YOUR WILL - THE STORY UNFOLDS

Josephine and Joe had two children, Barry and Ben, aged 6 and 4. Josephine and Joe made a Will and appointed Josephine's sister, Jenny, and her husband, Jim, as guardians of the children. The estate left for the benefit of the children was in excess of $800,000 as a result of inheritances received by Josephine and Joe. Josephine and Joe appointed Josephine's sister, Jenny, her husband, Jim, and a family friend, Darryl, who is an Accountant as the Trustees of the trust fund for the children.

Unfortunately, Josephine and Joe were killed in a motor vehicle accident and the Will became active. Josephine and Joe were very sensible and gave the Trustees power to advance money for the children. There just had to be agreement between the Trustees.

Since the Will was made Jenny and Jim, the Trustees and guardians, have had twin girls. So the children, Barry and Ben, have moved into Jenny and Jim's home with their new twin babies. It is very cramped and will get more so. They need renovations and additions to their existing house if they are to provide for all of these children. They also need help to put food on the table.

Not only had Josephine and Joe been wise, they had been very wise. They had given wide powers to their Trustees to distribute money from the trust for the benefit of the children. Money is advanced from the trust on a regular basis so that the children are able to be cared for and Jenny and Jim not disadvantaged.

And what about the soccer fees, the swimming lessons, music lessons and excursions? All of these costs can be paid from the trust. But Jenny and Jim were desperate for renovations to occur to be able to house the children. Provision had been made in the Will for the Trustees to advance money for this type of situation. In fact, it was agreed that $60,000 be made available to Jenny and Jim for the addition of a bedroom and bathroom to their modest dwelling. Do they have to pay the money back?  Josephine and Joe had provided they did not have to pay the money back. They were happy for Jenny and Jim to have the benefit of these additions in appreciation for looking after the children, Barry and Ben.

Trust is one big element. The other is giving the Trustees the appropriate powers to ensure the guardians aren't disadvantaged.

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