 Patrick assumed his Will governed all his assets, including those held within his family discretionary trust. He was wrong. In his Will he left his assets equally between his new wife and his daughter from his first marriage. The trust deed governing the trust specifically named Patrick’s first wife as the person who would gain effective control of the trust on his death. As the trust owned over 60% of his assets, his ‘assumption’ proved very costly – especially for his new wife. His first wife was delighted.
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