The matter of IMO the Estate of John Demetriou, deceased  VSC 703 dealt with an application by the adult daughter of the deceased.
The deceased’s estate was valued between $3,587,000 to $4,057,000. Under the deceased’s last Will, the daughter would receive:
- the property at 2 Thomas Street valued at $400,000;
- $119,000 being her half share of the residue; and
- an estimated rental from the Thomas Street property of $22,000 per year.
The daughter claims that this does not make adequate provision for her proper maintenance and support.
The Court considered that even with the $520,000, the 60 year old daughter would just be able to maintain her current stream of income assuming there are no major unforeseen events such as illness, needs of her own children or needs of her ageing husband. Further, the Court considered that there is always some uncertainty in relation to any income stream that she will have access to from her superannuation or savings.
The Court considered that the daughter should receive a further $350,000 from the estate to enable her to maintain her current lifestyle as she gets older and ensure that there is sufficient money available to meet the unforeseen contingencies in life.
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