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 Inheritance and Trusts 
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Postby djmenow » Sun Feb 02, 2014 7:38 pm


This question is to anyone with a legal background as I have no understanding of the outcome.

My wifes father died about 6 weeks ago. His will states that his wife inherits the house until she either dies, remarries, sells the place etc. Now the next step is that occurs is that his half of the property value a 1/3 of the value goes to my wife and 2/3 of the values goes into trust for my 2 kids until they turn 21 which is 6 and 10 years away.

So hypothetically if his half share was $300k. Can my wife use her 1/3 share and the kids 2/3 share to buy a house for us and for the kids future as we currently rent or can my wife as the trustee of the trusts touch the money at all? Or does the money have to stay in trust without being allowed to touch until they are 21?

What is and isnt allowed to be done with this type or inheritance setup when it eventually occurs (hopefully sooner than later)?


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Postby atefooterz » Sun Feb 02, 2014 8:38 pm


Who is the Executor of the Will? If you need to set up a trust then get advice from your local law society to a Legal Representative they recommend. You will have every financial advisor ( not regulated) & CPA buy yours today, just waiting to run off in good faith. At least if you get & pay a solicitor then some legal warranty is there, usually via threats to tell all to ACA or TT, if things go askew :cool: Also look at how it is set up as now you will most likely have to get tax file numbers for kids so they can pay tax, effective with the next hockeynomics buget & lowered threshold (6K PA+) It may be set up so no income is produced so current accounting advice is most needed. A trap for many suburban offices tha pop up & go as clients try to recover their whatevers. If starting from scratch then you should be able to make your own rules & penalties if you lose a motza against the kids share. Cleanest way is just sell the place & split into separate funds. Maybe just hand it over to Gina or BHP and gamble share prices haha :P

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