Having received funds totalling $2.5 million by survivorship on assets she owned jointly with her late husband Alan Given following his 2025 death, Karen Given then selflessly surrendered the life interest given her by his will so that all estate assets could pass immediately to Alan’s six grandchildren, born to children of his first marriage.
The High Court was told widow Karen is aged in her seventies, in good health, and there is every possibility of a lengthy period to her death before inheritances can then vest in residuary beneficiaries of Alan’s estate.
High Court Trusts Act approval to this re-arrangement was required; on behalf of three grandchildren not of full legal age.
Evidence was given that Karen’s life interest in her late husband’s estate was valued at some $350,000; being a discounted cash flow calculation of the expected income stream she would be entitled to receive from estate capital over her actuarially-assessed life expectancy.
The court was told she agreed to surrender this life interest in return for payment of $150,000 and her resignation as estate trustee.
Approving this family arrangement, Justice Osborne said it is plainly sensible and in the interest of all family members.
Dissolving her life interest allows an immediate final distribution of estate assets, with the added financial advantage of Alan’s estate no longer required to prepare financial and tax reports each year .
Details of his estate were not disclosed.
re Pullar – High Court (6.08.26)
26.223