Wanted some feedback or ideas on important inclusions for my father's will. Of course we are engaging a lawyer to draft it up properly, but I like to have some ideas or topics to discuss before engaging them rather than going in clueless.

It is my widowed father's will, with the estate being left entirely to me and my brother (equally). He does not have any specific requirements, other than it will be split between us equally, with protection against former spouses in the event of separation, and maximum flexibility to allow us to arrange the estate to maximise tax outcomes / best interests in the estate.

Here is what we've thought of so far. Again these are all ideas we will get reviewed by a lawyer.

Executor of the will: Myself (eldest son)

Executor costs and compensation: The Executor shall have the authority to deduct any reasonable costs incurred in setting up and managing any trusts established as part of my estate plan, including but not limited to legal, administrative, and other relevant expenses associated with the trust management. Additionally, the Executor shall be authorised to reimburse themselves for any funeral expenses and reasonable out-of-pocket costs they incur in connection with my burial or cremation, provided that these expenses are in accordance with prevailing norms and reasonable standards. To recognise their role as both the Executor of this will and a beneficiary, I intend to gift a portion of my estate to [Your Full Name], who serves in these dual capacities. This gift, equal to 2% of the total value of my estate, is intended as a gesture of appreciation for their dedication and service to my estate.

Summary of Trust Structure:

Trust A: Eldest son’s Trust (Family Home)

Trust B: Eldest son’s Trust (Other Assets)

Trust C: Youngest son’s Trust (Family Home)

Trust D: Youngest son’s Trust (Other Assets)

For example, Trust A:

Appointer: Myself

Beneficiaries: My eldest son, [Your Full Name], and his direct bloodline descendants, including children, grandchildren, and further descendants (collectively referred to as the "Primary Beneficiary"). Any company, entity, or organisation, in which the Primary Beneficiary or any of his direct bloodline descendants serve as directors or officers, shall also be considered a beneficiary of the Trust. The assets allocated to such a beneficiary may only be used for the benefit of the company or entity and shall not be utilised for operational or business purposes.

Any current spouse of the Primary Beneficiary, during the period of their marriage to the Primary Beneficiary, shall also be eligible to receive distributions from the Trust during the marriage. However, in the event of separation, divorce, or dissolution of the marriage, the former spouse shall be immediately removed from any entitlement, claim, or interest in the Trust assets.

No former spouse of the Primary Beneficiary shall be entitled to any control, benefit, or interest in the Trust assets. Furthermore, no former spouse of the Primary Beneficiary shall be eligible to serve as a trustee, appointer, or in any office of any trustee company appointed by this Trust.

Trustee: The Primary Beneficiary of the Trust shall also serve as the initial trustee of the Trust. The Primary Beneficiary, acting as both beneficiary and initial trustee, shall have the authority to manage and administer the trust's assets in accordance with the terms and conditions set forth in this Will and the accompanying Trust Deed. Upon the passing of the Testator, the Primary Beneficiary, as the Appointer, shall have the power to change the trustee of the Trust. The Appointer may exercise this power by appointing a corporate trustee, such as a company, to act as the trustee of the Trust. Once the new trustee (company) is appointed, the Trust's assets shall be transferred to the new trustee in accordance with the instructions provided by the Appointer.

Lending: The Trustee (whether the Primary Beneficiary or a corporate entity) shall have the flexibility to lend funds to any beneficiary of the Trust, including the Primary Beneficiary or a company beneficiary, on terms and conditions as determined by the Trustee in their sole discretion. These terms may include interest rates, repayment schedules, and other relevant terms. If the Trustee is a corporate entity, the Board of Directors of the company shall have the authority to approve and establish these lending arrangements.

Asset management: The Trustee(s) of the "[Your Trust Name]" (hereinafter referred to as the "Trust") established by this Will shall have the authority to purchase, sell, exchange, or otherwise deal with any assets held within the Trust. This authority includes but is not limited to real estate, stocks, bonds, securities, cash, and any other forms of property.

Family house: Held in a separate (optional) testamentary trust with no other assets. For example Trust A:

The trustee of Trust A, shall hold the legal ownership of a 50% share in the residential property designated as the family home at the time of my passing as tenants in common. This property shall be determined by my Executors based on the residence that holds sentimental and family value at that time.

• Right to Reside: The beneficiary of Trust A shall be [Your Full Name], and [he/she] shall have the primary right to reside in the property designated as the family home for as long as [he/she] wishes, subject to the following provisions:
• Residency Arrangement: In the event that both [Your Full Name] and [Your Brother's Full Name] express a desire to reside in the family home, the Trustees, being both beneficiaries of this trust, shall work together in good faith to reach a mutually agreeable resolution.
• Leasing Option: In the event that neither beneficiary wishes to reside in the family home or when practical considerations warrant, the Trustees shall have the discretion to lease out the family home for rental income. Any rental income generated, after deduction of expenses, shall be allocated to Trust A and Trust C in proportion to their respective ownership shares.
• Sale Option: If, at any point in time, both beneficiaries of Trust A agree that it is in their best interests to sell the family home, the Trustees shall be authorised to list, market, and sell the property. The proceeds from the sale shall be distributed to Trust A and Trust C in proportion to their respective ownership shares.
• Income and Expense Split: In the case of residency by either beneficiary, that beneficiary shall be solely responsible for the expenses related to their use of the family home, including maintenance, property taxes, utilities, and any other costs. In the case of leasing or selling, the Trustees shall oversee the allocation of rental income or sale proceeds and any related expenses in a manner that reflects the ownership shares of Trust A and Trust C.

Power of Adjustment: I grant my Executors and Trustees the power of adjustment to rearrange the assets between the trusts as they deem fit, after considering the needs, preferences, and changing circumstances of my beneficiaries. This power is intended to provide flexibility in managing the trusts in a way that best aligns with the well-being and wishes of my beneficiaries.

Thanks in advance.