Michele Davis . Succession Nerd

Will making is sometimes pretty complex work. The plan will always be unique to a person’s wishes and the personal circumstances.  Every so often, I receive instructions from clients to include an ‘option’ for one of their family or friends to purchase their property. Usually, this is because they’re trying to balance at least two things: the equality among their intended beneficiaries and the wish for someone to receive a certain property.

One of the things that can be difficult with options to purchase properties is the way in which the clause that grants that option is crafted.  Does it contemplate how long that person has to say “Yes, I want to buy!”? Is that time reasonable? What should the purchase price be? If they don’t exercise the option to buy, then what happens after that?

A recent case of Cranitch v Cranitch & Ors [2019] QSC 42 brought this…

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