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Managing a simple Estate
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Is Estate Planning simple or complex?

We want to make sure that our loved ones receive our hard-earned assets to ease the loss of our passing, maintain their standard of living, improve their lives or give them a good start. There are a number of sometimes surprising parts to that formula:

What (who) are the risks? Can I do anything about them? Can I give my assets safely to my loved ones? Can anyone try to take my assets after I pass away? Will my family and friends be trapped in litigation after I pass away?

  • The first big question is: Do I have a ‘blended’ family? Some blended families require careful estate planning if you feel in your heart that someone might try to make a claim against your estate or your partner’s estate.
  • The second big question is: How likely is it that someone in your family (or step-family) will try to make a claim. against you or your partner’s estate when you pass away?

Who can try to make that kind of claim? It’s a small group including children, step-children or adopted children, dependants . A ‘classic’ scenario is when the step-child(ren) make a claim against their parent’s estate to reduce the step-parent’s share.

  • The third big question is: What percentage of your assets are exposed to such a claim? Generally speaking, assets which are owned in your own name are exposed. Examples include cash in your own bank accounts or a house owned in your own name
  • The fourth big question is: What is the likely dollar amount of my estate / assets I control? Do I have a business, companies or trusts? Do I have significant insurance or superannuation assets? Who are my beneficiaries? The more sprawling and successful our business and investment affairs, the more likely our estate planning will need to be carefully reviewed and designed.
  • The final big question is: Are there estranged people in my life? Do I want to make sure that someone does not receive my assets when I pass away? This kind of scenario can introduce some complexity into estate planning.

Depending on the situation, many of the above can be managed in a cost-effective and robust way. Reach out to start working with us now.

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