Do you have a client who has previously entered into a Binding Financial Agreement (BFA) with someone other than their current spouse?
It's important to note that while a BFA can outline the division of matrimonial property upon death, it often doesn't prevent a former spouse from challenging the Will. In many Australian states, former spouses are still eligible to make a family provision claim, which could impact your client's estate planning.
What can you do?
Review the existing BFA.
Understand its limitations in excluding family provision claims.
Recognize that former spouses can still challenge the Will.
Consult with a lawyer to protect the estate from potential claims.
Consider updating the Will and other legal documents to reflect current wishes.
Regularly review and update the estate plan to ensure ongoing protection.
Taking these steps now can help secure your client's estate and ensure their wishes are honored.
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