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Question 5 - Estate planning Total marks - 16 marks Sam has been separated from his wife, Emilia, for two years. Both live in New South Wales. They have only recently settled the matrimonial assets, but have not yet signed the divorce papers. After settlement, Sant's asset position is as follows: Holiday house in Bryon Bay $600,000 Shares $200,000 Total assets $800,000 After settlement, Sam decides to sell his holiday house and use the proceeds to buy another property close to his work in Sydney to use as his principal residence. Shortly after moving into his new house, Sam suffers a heart attack and dies. The last time Sam updated his will was two years ago, when he first separated from Emilia. Sam's will bequests his holiday house in Byron Bay to his adult daughter, Lisa, and his shares to his son, Peter, who died in an accident six months prior to Sam's death. The will does not include a residuary clause. Q5 What significant issues relating to wills arise from this situation? Question 5 - Estate planning Total marks - 16 marks Sam has been separated from his wife, Emilia, for two years. Both live in New South Wales. They have only recently settled the matrimonial assets, but have not yet signed the divorce papers. After settlement, Sant's asset position is as follows: Holiday house in Bryon Bay $600,000 Shares $200,000 Total assets $800,000 After settlement, Sam decides to sell his holiday house and use the proceeds to buy another property close to his work in Sydney to use as his principal residence. Shortly after moving into his new house, Sam suffers a heart attack and dies. The last time Sam updated his will was two years ago, when he first separated from Emilia. Sam's will bequests his holiday house in Byron Bay to his adult daughter, Lisa, and his shares to his son, Peter, who died in an accident six months prior to Sam's death. The will does not include a residuary clause. Q5 What significant issues relating to wills arise from this situation

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