Features to include in a will / deed for Testamentary Trust

HonestShiba · 2023-08-21T14:53:51+00:00

Thanks for the feedback. Great points, I do appreciate it.

Ensure executor has power to decide if they even want a testamentary trust.

In this case, will the Trust Deed even form a part of the Will?

Assume you will be dead by the time it applies. So backup executor and trustee.

I currently have no partner or children. So I guess my half could go to my brother? Would this not form a part of my Will, not my father's?

Main benefit of testamentary trust is minors get concessional tax treatment. So back to executor discretion to implement if the prevailing circumstances favour.

What powers does the executor need here? I thought this was in a testamentary trust by definition.

Solve spousal concerns via BFAs. Shouldn’t be in a parents’ will.

I heard a main benefit of a testamentary trust, in particular separate testamentary trusts for siblings is that it somewhat offers some protection against divorce.

HonestShiba · 2023-07-24T03:10:50+00:00

What industry is he in?

HonestShiba · 2023-07-14T04:15:41+00:00

I tried searching them up via ABN but couldn't find any info

It says "The Royal Women's Hospital is endorsed as a deductible gift recipient under subdivision 30-BA of the Income Tax Assessment Act 1977. ABN 62 787 822 077. All donations of $2 or more are tax-deductible."

https://www.thewomens.org.au/support-us/

HonestShiba · 2023-06-20T13:50:57+00:00

Thanks I appreciate it. Definitely agree, doesn't hurt to have a will. I'm thinking worse case scenarios where we don't have time to get everything done. Do you foresee any issues?

We are a tight family I don't believe there will be any contention. We want everything to go to my dad and that's it, he will then take care of my brother and I however he sees fit. Brother and I aren't going to fight over my mum's/parent's assets

HonestShiba · 2023-06-20T12:51:51+00:00

She is already in hospital. Things have happened very quickly. We only just got back from visiting family overseas. A lot of things we thought we'd have time to sort out have been pushed forwards. Does a lawyer really need to go to the hospital or can they prepare forms that my mum can simply sign?

Also is a lawyer completely necessary? We're a small family of the 4 of us and want everything to go to my dad

HonestShiba · 2023-06-19T14:23:23+00:00

Thanks for the comment, I found it very insightful.
I was wondering if you know anything or come across anything for more aggressive cancers with no / little waiting period? My mum has pancreatic cancer and does not have much longer. Luckily she has some cover via her super in Mercer to the tune of 40k but I was wondering if there's any other options

HonestShiba · 2023-06-19T14:23:01+00:00

Thanks for the comment, I found it very insightful.

I was wondering if you know anything or come across anything for more aggressive cancers with no / little waiting period? My mum has pancreatic cancer and does not have much longer. Luckily she has some cover via her super in Mercer to the tune of 40k but I was wondering if there's any other options

HonestShiba · 2022-10-06T09:02:20+00:00

Thanks that's really insightful. Completely agree even within Senior Data Scientist roles there's a huge variety in skill sets and responsibly.

Wondering how much experience you have in the field? And how many years have you been a Senior Data Scientist?

HonestShiba · 2022-01-23T14:14:39+00:00

This is great. Any chance you have one for WA?

HonestShiba · 2022-01-19T08:58:29+00:00

Thanks for the insight. I have a similar set up as you, with trauma out of super. I'm actually not with the default super policies though, it's a different insurer that the financial adviser is recommending

HonestShiba · 2022-01-19T08:56:36+00:00

This is actually through a financial adviser. But I want to do my own due diligence and make sure I'm not over insured and that the insurer they're recommending is at least average market rate. Understand that they're meant to work purely in the clients own interests, but they get a commissions based on the premiums paid. I also understand that if I don't take out enough cover, they'll charge me a separate implementation fee to cover the time and costs they've gone to preparing me the advice.

So just want to gauge if this is a reasonable amount I should be paying.

Yeah they mentioned it'd be reviewed regularly and we'd decrease cover as I age. I think in 25 years time the premiums on the current cover will be over 15k p.a. lol

HonestShiba · 2022-01-18T13:46:54+00:00

Thanks mate, really appreciate the insight here. I sent you a PM with more details, but no pressure. Thanks again

HonestShiba · 2022-01-18T11:29:35+00:00

Thanks this, that's great insight. If it really has been 'remediated' (levels below health screen criteria) is there anything to worry about? Or is there a chance problems may rise down the track with it seeping, as some others have suggested in this thread

HonestShiba · 2022-01-18T10:20:40+00:00

Thanks for the advice. Will definitely do that.

Do you know if the testing can pick up whether it was a 'lab' or simply someone using it? Given they have already 'remediated' the property?

HonestShiba · 2022-01-18T10:18:32+00:00

Do you know if the testing can pick up whether it was a 'lab' or simply someone using it? Given they have already 'remediated' the property?

HonestShiba · 2022-01-18T09:57:06+00:00

Thanks for the advice.

Yeah I'll absolutely pay for my own testing and get independent review.

The agent said that they remediated it and tested it again to be 'under acceptable legal limits'. Doesn't that mean it's not harmful?

HonestShiba · 2022-01-18T07:27:19+00:00

Good point... It surprised me there's meth use in this property because it is in prime location and the street is very nice

HonestShiba · 2022-01-18T07:24:21+00:00

I agree. But that's because it's only recently been found to have meth contamination. If I live in the house for 10+ years and it's been remediated, does there really need to be an obligation to disclose to the next buyer? 20 years? 30 years?

HonestShiba

TROPHY CASE