What will happen to your estate in the future?
Isn't it as simple as…
I die, everything goes to my spouse, then everything to the kids equally on my spouses passing?
It can be… BUT consider the following:
- Are you concerned about a beneficiary having relationship problems, now or at some time in the future that might lead to separation or divorce? (Which potentially puts half of the intended inheritance at risk)
- Does any beneficiary have special needs, such as a disability or conditions that effect their mental capacity? (Special direction may be required to ensure appropriate care is provided and wishes followed)
- Are any of the intended beneficiaries of your estate exposed to personal or business risk? (Meaning their inheritance might be lost should they be sued)
- Are any of the intended beneficiaries encountering addictive issues with gambling, drugs or alcohol, or are they spend-thrift? (Thought needs to be given to how funds are made available to such beneficiaries)
- Do you control a family company, trust or self managed superannuation fund? (Ensuring control of these entities pass to those you intend needs to be considered)
If you answered YES to any of the above, then planning your estate might not be as simple as what you had in mind.
Enter your details below to access our Estate Planning Guide to ensure that the wealth and assets that you have grown will pass to those that you intend.