The Brief for Accountants & Financial Planners
July, 2017

Estate planning for older couples

Two minute scenarios...

Many clients these days have "competing interests" when it comes to their estate. In this edition we will consider an older couple who do not have children together. The husband wants to provide for his new wife in his Will while leaving the bulk of his assets to his children.

Scenario One... Brian and Grace, and Jane and Rob

Scenario: Brian married Grace a few years ago. He has two adult children from his first marriage, Jane and Rob.  Brian is having his Will done.

What's the issue? Brian wants to make sure he leaves a home for Grace to live in, but also wants to make sure the bulk of his assets are left to Jane and Rob.

Solution: Brian can choose to give Grace a Right to Occupy the home for her lifetime.  When she dies the home will pass to his children, Jane and Rob.

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Scenario Two... but what if Grace needs to move?

Scenario: Brian's home is not only quite large, it is double-storey.

What's the issue? Brian is worried that Grace may get to the point where she can no longer manage living in the home alone.

Solution: The 'Right to Occupy' for Grace can be drafted so that the home can be sold to pay for a smaller, more suitable place, or can be used to pay for the bond at a retirement village or aged care facility..

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Scenario Three... Who pays the outgoings?

Scenario:  Brian understands that giving Grace a home to live in is a great solution but he starts to think about the rates and repairs and maintenance. What if the hot water service needs replacing? Who pays for that?

What's the issue? While Brian thinks that Grace could pay for the rates he doesn't believe she should pay for capital items.&

Solution: The Will can be drafted to cater for these requirements. Each case needs individual legal advice of course, in order to avoid a challenge.

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More information for clients

Please feel free to forward this insight on Different Types of Wills to your clients. Or if they would like to discuss how we can help them please call 03 8621 9000 or email with their details and we will contact them, obligation free.

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