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Collaboration in your estate plan

When it comes to preparing your estate plan, most of you are aware to seek the advice of a legal specialist (those of you who think a Will Kit will suffice, we need to talk!).  We believe this piece of planning should be more collaborative and include your financial adviser – even in simple estate matters.

A financial adviser is often privy to the many dynamics of your family unit – we know which child you worry about most, which one is financially stable and we also know how much money you have and how long it will last. This information can be vital in forming your estate goals.

Should I Give Now or Later?

Many Australians want to help their family now, whilst they are still alive and can share in the ease and joy this may bring to their family members. This may provide a well-timed leg up or ease some of the high costs of living but this can also cause concern on how to balance the right timing with keeping their children motivated towards their own financial achievements and not relying on “the bank of mum and dad” for continued assistance.

Of more importance (in our opinion) is to ensure that you know you can achieve your own retirement goals and meet your expenses before transferring some of your wealth to the next generation.  You don’t want to spend your retirement missing out, or worse, asking your kids to help you down the track (as they have often spent the money!)


Navigating family dynamics and cultures

In some cultures it is expected that wealth will transfer to the blood line for the next generation. Whilst this may have been acceptable in the past (wealth transferring to the eldest son) this is not as popular in Western cultures anymore.  Navigating family dynamics can be challenging and can cause conflict.  Family members may have differing expectations and interpretations of a legacy plan, leading to disputes that can strain family relationships.

Understanding the dynamics and possible causes for conflict can be a valuable process to unpack possible outcomes for the family.


Will your inheritance cause unintended consequences?

Towards the end of 2023 we met with a number of clients who were preparing to receive inheritances and we noticed an interesting trend.

The beneficiary (often an adult child of the deceased) wanted to share some of their inheritance with their own adult children (the grandchildren of the estate) straight away.   However in these cases, providing a gift to their children would have a detrimental effect on their own retirement plans.

To avoid these issues, we can plan ahead for these gifts and ensure the overall objectives for the estate meet everyone’s needs and requirements.

The transfer of wealth from one generation to the next is well underway and when handled with care and consideration can provide enormous peace of mind as well as financial security. 

To find out how we can help your family, please get in touch.

General Advice Warning - This communication has been prepared on a general advice basis only. The information has not been prepared to take into account your specific objectives, needs and financial situation. The information may not be appropriate to your individual needs and you should seek advice from your financial or tax adviser before making any investment decisions.



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