For many families, they can also resurface old conflicts. As clients spend more time with their families and reflect on the past and future, tensions may arise, which can have significant ramifications for their estate plans.
As a financial adviser, you play a crucial role in helping your clients address these challenges proactively. Here's how you can guide them:
📝 Key areas to discuss with their Inherit lawyer:
Guardianship and child-rearing plans for minor children.
Management and control of family companies and trusts.
Superannuation death benefits and family business succession.
Healthcare and end-of-life preferences.
💡 Strategies to mitigate potential family conflict:
Encourage appointing an independent Executor to provide neutrality and reduce the risk of disputes
Recommend establishing a family constitution for larger estates to guide decision-making and prevent misunderstandings.
What about exclusion or unequal distributions?If a client wishes to exclude a family member or adjust inheritances, it's vital they understand the risks of family provision claims. In Australia, these claims vary by state and can alter how an estate is distributed, potentially involving assets held in trusts, superannuation, or even notional estates in NSW.
As an adviser, you can help clients:
Assess the financial and legal impact of their decisions.
Collaborate with their Inherit lawyer to explore solutions, such as insurance bonds, to offset potential challenges.
The holidays are a prime time for reflection - and a chance for your clients to ensure their estate plans are robust, equitable, and aligned with their wishes. By addressing family dynamics head-on, you can help them secure their legacy and foster greater peace of mind.
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