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Protecting Your Client's Interests: Understanding the Limitations of Binding Financial Agreements (BFAs)


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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Made in Mornington /  Victoria

Inherit Australia is located on the picturesque Mornington Peninsula, just an hour's drive south of Melbourne. Our local team, boasting over 50 years of combined experience in legal and technology, is committed to addressing the complex challenges of estate planning. From Power of Attorney documents to comprehensive estate plans, we cater to a diverse clientele, including retail customers, financial advisers, and legal professionals. Our proprietary software and data, proudly 100% Australian-owned, designed, and hosted, underscore our commitment to delivering secure and tailored estate planning solutions.

At Inherit Australia, we understand that your information is sensitive. In order to setup your account we need to verify your email address to ensure your identity. This will allow you to access your data in the future and communicate with us from a verified email address or Google account.

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Your sensitive data is also encrypted at the application layer using a random key and seed generated exclusively for your Life Vault. The keys and seeds are stored in corporate-grade key storage hosted separately from your data and maintained by Microsoft Azure.


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Phone:    (+61) 3 5976 6565

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Address: 22A Milgate Drive Mornington VIC 3931 Australia.

Phone: (+61) 3 5976 6565

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