Joseph and Betty’s estate planning experience

We had always thought that making a Will would be easy. Our finances aren’t complicated and that’s probably why we put it off for so long! We didn’t realise how much there was to consider when you are looking at estate planning – especially for a large family like ours.

We have a blended family. Our financial adviser, David, told us that if we want to avoid problems down the track we need a documented family succession plan since Betty and I both have kids from previous marriages.

We discussed taking a broad view so we did right by everyone. One of Betty’s sons has a habit of taking risks with money and my son was in the middle of a nasty divorce. We needed to consider this in our estate plan.

David explained a testamentary discretionary trust could help to protect our assets against family money problems and family law issues. He looked at how to structure our estate so assets left to our grandchildren were tax effective.

We needed a solicitor to do the legal part so David referred us and the whole process was executed smoothly. We learnt a lot and feel much more confident everything will be ok when we are no longer around.

September 10, 2015

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