Amendments have been made to the following By Lawyers precedent wills creating discretionary trusts:
- Individual will creating testamentary discretionary trust;
- Client 1 will creating testamentary discretionary trust with client 2 as executor; and
- Client 2 will creating testamentary discretionary trust with client 1 as executor.
The precedents have been amended as follows:
Clause 7 has been amended to improve readability. The amendments do not change the effect of the wills.
Clause 9 has been enhanced to better protect the testator’s spouse. The amendments delete sub-clauses (b) and (c). These clauses gifted the residue of the estate to the spouse and provided for gifts to particular beneficiaries, respectively.
Clause (b) has not been replaced, as the spouse has been included as a beneficiary of the trust in clause (g). Previously the trust would only be established if the spouse did not survive the testator. Now the residue will always be gifted to a trust, within which the spouse is a beneficiary.
Clause (c) has been replaced with new clauses (b), (c) and (d) which provide for specific gifts to beneficiaries.
The wills can be found in the By Lawyers Wills publications.