One family trust and three kids – what can go wrong?
What happens when one son doesn’t need the capital, another wants to develop a property with a huge loan and the daughter needs money ASAP for a new home.
Anyone who’s had kids knows that they often don’t do what they’re told. So it shouldn’t be a surprise that one of the main challenges with estate planning is ensuring your death wishes are not subverted by your children.
Nowhere is this more important and more testing than in family trusts.
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Peter Townsend is principal of Townsend Business & Corporate Lawyers.
