I am 66 years old, married and have 3 dependents. I own a few properties, run my own company and have a collection of some rare wines. One of my children is disabled and I need to set up a trust fund for him. Can my local solicitor handle this for me or do I need to go into the city and see a specialist?
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Answer by Michelle Whitehead, Camden 2570 NSW
- In your situation a will is very important. You will need to specify:
- what happens to any properties you hold as tenant in common or solely in your own name;
- whether your business is to be sold or who is to take over running it;
- to make sure adequate provision is made for all your dependants so your estate will not be wasted through a family provision claim; and
- to set up a testamentary trust to ensure your disabled child will be looked after.
- Whether you need a specialist will depend on how complicated you want to make these arrangements. Most general lawyers will have no difficulty in drafting a will that meets these basic requirements.
- You could have your local lawyer draft the will and ask them to have it reviewed by a specialist at the final proofing stage.
However if you want to set up more complicated structures such as a trust that operates your company, manages your properties and distributes the dividends to your dependants it may be a good idea to start out with a lawyer who specialises in estate planning