Flexibility important to planning
Hypothetical by Manny Wood published in the Coffs Coast Advocate on 13 June 2020. Larry has a child to his first marriage, Ken. Larry is now remarried to his second wife, Michelle. Larry makes a will appointing Ken and Michelle as his executors. He leaves his investment property to Ken and grants Michelle the right to reside in his home, in which they both live, for life. Ken then stands to receive Larry’s home when Michelle ceases to reside in the property. The rest of his estate is split equally between Ken and Michelle. When Larry dies at the age of 80, he has been married to Michelle [...]