Donald had nose bent out of joint

THE Benders were pioneering banana growers in north-east NSW.

Brian was the patriarch of the Bender family and when he died, he left his share of the plantations, and commercial properties to his children George and Isobel.

George and Isobel continued the tradition and became key members of the Bender business.

Isobel loved the life so much she was married underneath a banana tree, and in a few short years she had three beautiful children.

Unfortunately, Isobel was tragically killed in an ice-skating accident while on holidays in Florida.

When her husband Donald read her will, he was confident that Isobel’s share in the farm and commercial properties would be able to support him and the children, as he received the whole of her estate.

However, the solicitor informed Donald that the farming land and the commercial properties were left to George and Isobel as joint tenants and if one tenant dies, the other tenant inherits the property.

In this case George would become the sole owner.

George, who loved his sister, but was not so keen on Donald, wanted to support his young nieces and nephew, so he deposited $300,000 in trust for each child.

Nevertheless, Donald was upset and wanted to contest the will, as he believed he should receive Isobel’s share in the farm and commercial properties.

The only assets held by Isobel was an everyday bank account holding $5,000.

Donald would have been left with only $5,000 but as a prudent business operator, Isobel had a life insurance policy and under a Buy/Sell Agreement, Donald receives $1.5 million for Isobel’s share in the Bender business and decides not to contest the will.

George calls a Bender business meeting and asks their solicitor to detail how best to avoid these situations, as it is more economical and efficient to deal with these issues while parties are alive.

Thank you to Anthony Fogarty for his assistance with this column.

If YOU would like a particular issue addressed, please email me at manny@tblaw.net.au or call me on (02) 66 487 487.