VIC What is going on in this document?

[llamamoo]

Hi,
Could someone please help me? Could someone give me a simple yet detailed plain english explanation as to what is going on and what exactly is being said in this document? I do not understand it.
All names/dates have been changed. All people involved are in Victoria.
Any help would be much appreciated.

THIS IS THE LAST WILL of me BETSY SUE SIMPSON of 500 Flower Street Melbourne in the state of Victoria, Home Duties.
1. I revoke all Wills and testamentary dispositions previously made by me.
2. I appoint my husband PETER MATTHEW SIMPSON (''PETER'') and my solicitor PAUL JEREMY HARRIS of the firm of Harris & Partners (hereinafter called ''my trustees'') Executors of this my Will and Trustees of my estate.
3. I give devise and bequeath the whole of my estate both real and personal whatsoever and wheresoever situate unto my Trustee UPON TRUST to pay thereout all my just debts funeral and testamentary expenses and any duties payable in connection with my estate and to stand possessed of the balance thereof UPON TRUST for PETER absolutely.
4. Should PETER predecease me or not survive me for more than 30 days THEN I give devise and bequeath the whole of my estate both real and personal whatsoever and wheresoever situate unto my trustee UPON TRUST to pay thereout all my just debts funeral and testamentary expenses and any duties payable in connection with my estate and to stand possessed of the balance thereof UPON TRUST for my sons LARRY BORIS WINTER (''LARRY'') and BARRY RICHARD WINTER (''BARRY'') equally between them.
5. I DECLARE that in addition to all other powers conferred by law my Trustees shall have the following powers:
(a) To retain as an authorised investment of my estate such part or parts therof as my Trustee may think proper.
(b) To invest trust moneys for the time being in their hands and available for investment under the terms of this will in accordance with Part 1 of the Trustee Act 1958
(c) To apply the whole or any part of the income or capital of the vested presumptive or contingent share of any beneficiary as my Trustees may think fit for or towards the advancement maintenance support education benefit or use of that beneficiary and (without limiting the advancement and maintenance powers hereby given) with power to pay the same (without seeing to its application) to any person who in the opinion of my Trustee is the guardian or has the care and custody of that beneficiary or who is apparently willing and able to so use that income or capital.

IN WITNESS whereof I have hereunto set my hand this 10th day of August Two Thousand and Sixteen.

BETSY'S SIGNATURE HERE

SIGNED by the said BETSY SUE SIMPSON the Testator as and for her last Will in the presence of us both present at the same time who at her request in her presence and in the presence of each other have hereunto subscribed our names as witnesses.
--signature--- ---signature---
GEORGE JOHN BROWN
of 10 Main Street, Melbourne 3000
An Australian Legal Practitioner within the meaning of the Legal Profession Uniform Law (Victoria)

STACEY JANE PARKER
clerk to HARRIS & PARTNERS
An Australian Legal Practitioner within the meaning of the Legal Profession Uniform Law (Victoria)




STACEY JANE PARKER
clerk to HARRIS & PARTNERS
An Australian Legal Practitioner within the meaning of the Legal Profession Uniform Law (Victoria)

 

[Harry De Elle]

Hi,
Could someone please help me? Could someone give me a simple yet detailed plain english explanation as to what is going on and what exactly is being said in this document? I do not understand it.
All names/dates have been changed. All people involved are in Victoria.
Any help would be much appreciated.

THIS IS THE LAST WILL of me BETSY SUE SIMPSON of 500 Flower Street Melbourne in the state of Victoria, Home Duties.
1. I revoke all Wills and testamentary dispositions previously made by me.
2. I appoint my husband PETER MATTHEW SIMPSON (''PETER'') and my solicitor PAUL JEREMY HARRIS of the firm of Harris & Partners (hereinafter called ''my trustees'') Executors of this my Will and Trustees of my estate.
3. I give devise and bequeath the whole of my estate both real and personal whatsoever and wheresoever situate unto my Trustee UPON TRUST to pay thereout all my just debts funeral and testamentary expenses and any duties payable in connection with my estate and to stand possessed of the balance thereof UPON TRUST for PETER absolutely.
4. Should PETER predecease me or not survive me for more than 30 days THEN I give devise and bequeath the whole of my estate both real and personal whatsoever and wheresoever situate unto my trustee UPON TRUST to pay thereout all my just debts funeral and testamentary expenses and any duties payable in connection with my estate and to stand possessed of the balance thereof UPON TRUST for my sons LARRY BORIS WINTER (''LARRY'') and BARRY RICHARD WINTER (''BARRY'') equally between them.
5. I DECLARE that in addition to all other powers conferred by law my Trustees shall have the following powers:
(a) To retain as an authorised investment of my estate such part or parts therof as my Trustee may think proper.
(b) To invest trust moneys for the time being in their hands and available for investment under the terms of this will in accordance with Part 1 of the Trustee Act 1958
(c) To apply the whole or any part of the income or capital of the vested presumptive or contingent share of any beneficiary as my Trustees may think fit for or towards the advancement maintenance support education benefit or use of that beneficiary and (without limiting the advancement and maintenance powers hereby given) with power to pay the same (without seeing to its application) to any person who in the opinion of my Trustee is the guardian or has the care and custody of that beneficiary or who is apparently willing and able to so use that income or capital.

IN WITNESS whereof I have hereunto set my hand this 10th day of August Two Thousand and Sixteen.

BETSY'S SIGNATURE HERE

SIGNED by the said BETSY SUE SIMPSON the Testator as and for her last Will in the presence of us both present at the same time who at her request in her presence and in the presence of each other have hereunto subscribed our names as witnesses.
--signature--- ---signature---
GEORGE JOHN BROWN
of 10 Main Street, Melbourne 3000
An Australian Legal Practitioner within the meaning of the Legal Profession Uniform Law (Victoria)

STACEY JANE PARKER
clerk to HARRIS & PARTNERS
An Australian Legal Practitioner within the meaning of the Legal Profession Uniform Law (Victoria)




STACEY JANE PARKER
clerk to HARRIS & PARTNERS
An Australian Legal Practitioner within the meaning of the Legal Profession Uniform Law (Victoria)

This is a Last Will and Testament for Betsy Sue Simpson from Melbourne. Let me break down what it means in plain English:

1. Betsy cancels any previous wills she made before this one.
2. She appoints two people to handle her estate after she dies:

• Her husband Peter Simpson
• Her lawyer Paul Harris They'll be responsible for carrying out her wishes.

1. Her main wish is simple: everything she owns should go to her husband Peter, after paying any debts and funeral costs.
2. If Peter dies before her (or within 30 days after her), then everything goes equally to her two sons, Larry and Barry Winter.
3. The document then gives her trustees (Peter and Paul) some legal powers to:

• Keep investments as they are if they think it's wise
• Make new investments following certain laws
• Use money to help beneficiaries with things like education and living costs

The document was signed by Betsy on August 10, 2016, with two witnesses present:

• George Brown (a lawyer)
• Stacey Parker (a law firm clerk)

 

[llamamoo]

Hi Harry De Elle,

Thank you very much for your reply.

If I may, just a few more questions.

The Will mentions a trust. Who benefits from that trust?

The Will refers to beneficiaries. Who are the beneficiaries?

Also in 5b the Will states ''for the time being''. Is this a specific legal time frame or is it a non-specific time frame?


Thank you once again for your help.

 

[Harry De Elle]

Regarding the trust and beneficiaries:

• This will uses the word "UPON TRUST" as a legal way of saying how the assets should be handled. It's not creating a separate ongoing trust - rather, it's instructing the trustees (Peter and Paul) to do two things:
  1. First pay any debts, funeral costs, and duties
  2. Then give everything else to the beneficiaries

The beneficiaries are:

1. First choice: Peter (Betsy's husband) gets everything
2. Backup plan: If Peter dies before Betsy or within 30 days after her, then Larry and Barry (her sons) split everything equally

About "for the time being":

• This is not a specific legal timeframe
• It simply means "at that point in time" or "whenever the trustees are handling the money"
• It's giving the trustees flexibility to make investment decisions whenever they need to while they're managing the estate

To give a real-world example: If Betsy passes away and Peter survives her by more than 30 days, Peter gets everything and he's the only beneficiary. But if Peter dies before her or within that 30-day window, Larry and Barry become the beneficiaries and split everything 50/50.