Completing a thorough estate plan is crucial for the comfort and wellbeing of loved ones. It is also much more than just making a Will. Depending on your current financial situation, as well as your family situation, you might also need to review your superannuation nominations, discretionary trust deeds, any company documentation and powers of attorney.
The following case study demonstrates how a simple Will doesn’t always achieve what you intend. Bill and Alice were married for 40 years. Their only child, Alan, was married to Anne and they had two children of their own.
Bill and Alice made Wills which left their estate to each other, and then to Alan. In the event that Alan died before them, their estate was to pass to their two beloved granddaughters.
Bill and Alice both passed away in their 80s and, in terms of their Wills, their entire estate was ultimately left to their son Alan. Five years on, Alan died suddenly in a car accident. His estate, which included the inheritance from his parents, was left to his wife Anne.
Anne, was at this stage, the sole heir to her in-laws’ estate. A few years on, Anne has remarried and made a simple Will leaving everything to her new husband who has children from a previous relationship.
Despite the best intentions of Bill and Alice, and their son Alan, their hard earned estate is now under the control of their daughter-in-law who has remarried. Unless Anne changes her Will, Bill and Alice’s estate will bypass their grandchildren completely and will possibly end up with Anne’s new husband (and maybe even his children!).
The outcome of this case study is common. It’s not enough to just have a Will in place. To provide maximum protection for your loved ones, seek professional advice and put the right structures in place to protect your children and your grandchildren.
So why not call us on (08) 8208 4777 or make an appointment with us online today.
Wright Evans Planning is an Authorised Representative of Lonsdale Financial Group Ltd ABN 76 006 637 225, AFSL No 246934. Part of the IOOF Group. This is general advice only and does not take into account your objectives, financial situation and needs.