The Brief for Accountants & Financial Planners
September, 2017

Inheritance impatience sorted...

Two minute scenarios...

Or to put a positive spin on it, let's look at a scenario involving parents helping their children buy their first property.

Scenario One... Andrea and Paul

Scenario: Andrea and Paul have three children, the eldest of whom, Carly, has recently asked for some help with a deposit.

What's the issue? Andrea and Paul have decided they will give her $100,000 and will do the same for the other two when they are older. They are worried however, about her current boyfriend. If they break up, they don't want him to get any of that money.

Solution: Andrea and Paul can have a loan agreement drawn up. It can be payable in 25 years time, on their death, or in the event of a relationship break-up, all at no interest if they choose - it's a matter for them.

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Scenario Two... what if they die unexpectedly?

Scenario: Andrea and Paul organise to have a loan agreement drafted to solve the problem mentioned above.

What's the issue? They are worried about making the loan repayable on death. Won't that potentially be difficult for Carly?

Solution: Their Wills can be drafted so that the loan is forgiven by the executor. That way Carly won't be forced to sell her property. The Wills can also be drafted so that the executor must deduct the amount Carly has already received from her share of the estate, so that all children are treated equally.

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Scenario Three... Andrea and Paul, and Carly's bank

Scenario: They hit a "snag". Before the bank will provide a home loan to Carly, they want to ensure her deposit money is hers, and not a loan.

What's the issue? Andrea and Paul decide to gift Carly the $100,000. However, like most people, Andrea and Paul want to ensure they provide equally for their children. If they die unexpectedly, their other two children will miss out.

Solution: Andrea and Paul have their Wills drafted so that the pre-death gift to Carly is taken into account when splitting up the rest of the estate. It can also be drafted to include any future gifts to the other two children so that they do not need to have their Wills re-written when that happens.

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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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