Estate planning for blended families is complex. This article explains how clear communication and tools like Wills and Trusts can help protect loved ones and prevent future disputes.

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Estate planning can be difficult and stressful, but for blended families there’s an added overlay of complexity.

According to the community demographic website, profile.id.com.au, as of 2021, blended- and step-families make up around 12 percent of Australian households.

For these families, ensuring every person is treated fairly, is a significant challenge where the needs of the current spouse, shared children, and children from previous relationships need to be considered.

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An excellent article on estate planning using three case studies and possible solutions for each to explain this complex issue. It looks at three situations: allocation of super; dying intestate; providing for dependents quickly.

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Dying is not something we like to think about but a bit of pre-planning can save a lot of heartache for those we leave behind. Here are three important areas to consider with examples and possible solutions.

Allocation of your super

In most super funds, the trustee decides who gets your super including any life cover. The super rules require the fund to pay your dependants as defined in the legislation.

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This article shows with examples why it is so important to plan ahead to control your superannuation when you are no longer there to do it.

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Most of us work hard to save for our retirement, and thanks to tax concessions and compulsory contributions, superannuation often forms a large part of retirement savings. But it's essential to understand who controls where your super goes if you pass away and how to ensure your loved ones receive the inheritance you want them to have in the most effective way.

It's a common misconception that you can include your superannuation as part of your Will. However, this is not the case, and you need to take action before you pass away to make it possible.

Here are a few key things you need to consider if you want to keep control of your superannuation benefits.

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Estate planning isn’t just for pre-retirees. Learn about the key pillars of estate planning, how it works to protect clients across various scenarios, and why it’s important to get estate planning set up sooner rather than later.

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Many people think that Estate Planning is only for people who are close to retirement, especially if we fall into the trap of thinking that Estate Planning is just about getting a will. But did you know that Estate Planning addresses key protection strategies whilst you’re still alive? It doesn’t matter who you are, Estate Planning is for everyone.

What are the key pillars of Estate Planning?

Estate Planning is all about making sure that you get the choice as to what happens to you and your assets – whether that’s if you need someone to make decisions on your behalf, or you pass away and your estate needs to be divided up.

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This article follows the journey of a grieving daughter who recently lost her mother, and now has the task of sorting out her mother’s estate along with how to best utilise her substantial inheritance.

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It was the overwhelming silence that hit Judy, the first time she visited her family home after her mother’s passing, and with that thought, the slow, deepening realisation that she was going to have to cope with a lot more than the heart-breaking grief.

As she sat alone, surrounded by the possessions her mother had accumulated during her long, happy life, Judy felt completely lost as to how she was going to deal with packing up her mother’s house, much less sorting through the other assets.

Judy of course, is not alone. More than $120 billion in assets were inherited by family members during 2018 and the Productivity Commission believes this number is set to double to $224 billion by the year 2050.{snippet title="Article Subscribe Message"}{/tabs}

A good article for anyone asked to be an executor of a Will. It outlines the extensive duties the executor must fulfil and suggests the use of professionals.

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If you’re the eldest sibling in the family, or deemed to be the “most responsible”; if you’re seen to be a good friend by someone; or a fine upstanding citizen by others, chances are you will be asked to be an executor of someone’s Will.

After you’ve enjoyed the warm feeling of being wanted, just pause for a moment and take stock of what it really means to assume this most important role.

You need to be aware that when the person dies, you will be required to spend a significant amount of time executing your responsibilities - and these can be onerous.

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This article covers the importance of having an ‘In Case of Emergency’ file for estate planning purposes. By using a case study, we explain why you should have an ICE file, what important documents the file should contain, and why it is important that the right people know of the files existence and location.

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When Mike died suddenly and unexpectedly Sally, his wife of over 30 years, was overcome not just with grief, but also with panic. Not only did she lose her best friend and soul mate, Mike had always been the family money manager. While Sally knew they were financially comfortable, in the shock of her sudden loss she had no idea how she was going to cope with her new situation.

Fortunately, Sally and Mike’s adult daughter, Melanie, was able to relieve some of that stress. “Don’t you remember, Mum? Dad often reminded us that if anything happened to him we should look for the ‘In Case of Emergency’ folder in his study.”

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“I’m thrilled to announce I’ve been appointed Mum’s Power of Attorney,” said no-one ever in the history of sibling rivalry.

While many of us end up saying that – well, perhaps not the thrilled part – how many of us know what to expect and why.

Addressing the what, a Power of Attorney (PoA) is a legal document through which one person, the principal, provides authority to another, to act on their behalf. It provides powers to make decisions about personal matters like, property, financial obligations, assets, investments, etc.

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While the lead up to, and after the Christmas, can be hectic for some, this article explains why it may be an optimal time to visit your financial planner.

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The run-up to Christmas is usually a hectic time. Aside from the shopping and Christmas parties, there are deadlines to meet, loose ends to tie up and, for many farmers, the last of the crop to harvest. 

Once the big day is over many of us are able to slip into a more relaxed mode, but as your focus turns to leftover turkey and pudding, or lounging on the beach, why not spare a thought for your financial situation? With everyone else relaxing, the Christmas holiday period can be an ideal time to check your finances and start the New Year with everything in order and heading in the right direction.

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This article explains how trusts might benefit the creation and preservation of family wealth.{tab Introduction}

The basic function of a trust is to separate control and ownership. The result of using a trust is that assets are protected and profits are distributed in the most tax-effective way. There is no 'one-size-fits-all' type of trust. The trust you use depends on many factors, such as the type of asset or business, financing, income type, marital status, susceptibility to being sued - just to name a few.

Whilst there are many types of trusts the two most commonly used are:
1. Testamentary trust;
2. Discretionary trust.

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This article answers the common question of what do trustees and members of SMSFs do if or when they become incapable of managing their own fund. It outlines 5 options for your readers to investigate and discuss with you.

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More than 1.1 million Australians manage their superannuation via a self-managed superannuation fund (SMSF) structure. Many are motivated by the desire to have control over their own money, the potentially lower costs, or the option to make investments that aren’t available to members of public offer funds. Whatever the reason, if you are a trustee of a SMSF, have you stopped to ask yourself, “Who will look after my super if I can’t?”

Members of SMSFs tend to be older than the population as a whole. While we are living longer and healthier lives, many people will reach the stage where they are no longer able to properly look after their financial affairs. Due to the high regulatory requirements controlling SMSFs, the penalties for not managing your fund correctly may be substantial. So what are the options?

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This article focuses on seven life events that require your clients to review important planning issues.

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The busier we get the more we tend to put off the important things. Often the last thing we want to think about is our will or other estate planning issues. Living life always seems to get in the way! Sometimes that’s not our fault, especially if there has been a crisis or major change in our lives. The irony is that’s exactly when these issues should take a higher priority.

If you have experienced any of the following it’s time to act.

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Who decides what happens to your superannuation savings when you die? You may think that you do, but that isn’t always the case. The ultimate decision may be made by someone you don’t even know – the trustee of your superannuation fund.

Let’s look at how you can have greater control.

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A more specific article focused on business owners having a written succession plan to ensure their personal wishes will be met if they die or are incapable of working. It addresses 4 important aspects – structure, agreements, insurances and Powers of Attorney.

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It’s not uncommon for business owners to take short, irregular holidays because they don’t have the support to keep their business running without them for a longer break. Aside from taking time off for leisure, have you considered what would happen if you were forced to take six months off work due to a serious illness or injury?

Would the business survive and how would the bills be paid? Or if you were to die, can you be sure that your business partners would give your family a fair deal?

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