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The Problem with Snakes

Have You Heard the Expression - "Snake in the Grass"?

Play Video about Image of snake in the grass with caption "The problem with snakes is that they often strike when you least expect it"

Where There's a Will, There's a Relative!

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“Where there’s a Will there’s a relative”, is an expression usually referring to the relative/s who was conspicuous by their absence during the life of the deceased but conspicuous by their presence when the estate is being divided.

As we have, I imagine that you’ve heard some of the horror stories about family disputes that have occurred upon the passing of someone.  Actually, it’s not just a phenomenon seen upon a person’s death as it also happens sometimes when someone becomes permanently incapacitated. I’m aware of situations wherein a family member has been kicked out of their family home by a greedy relative through the exercise of a Power of Attorney (POA).

Coming back to the “snake in the grass”. What is the key motivator for such people. Unhesitatingly, we suggest that it’s primarily that of greed, often supported by a misconceived notion of entitlement.

To me, it’s appalling that these factors will drive some to ignore the wishes of the deceased – in essence, to show them a distinct lack of respect. However, it is what it is, unless….. the deceased has followed all the rules of judicious estate planning.

So, what do you need to do to avoid such situations regarding YOUR estate?

Without doubt, the most important undertaking for you is for you to seek professional advice from someone who specialises in estate planning strategiesA professional adviser will be able to guide you through the maze of pitfalls awaiting you and your intended beneficiaries.

Such action is crucial for anyone who has assets to be disbursed upon their demise but even more so for high-net-worth-individuals. The reason for this is the potential complexity of settling their estate. This could be in the form of family businesses, self-managed superannuation funds (SMSFs) and/or interests in other income-producing/managed assets, such as commercial real estate or corporations in which a management role or significant shareholding has been held by the deceased.

There are of course many other instances and factors affecting the passing of wealth to others, in particular, intergenerational wealth transfers.

THE BOTTOM LINE:

We refer to it as the “sleep factor”. Get your affairs in order, review them on a regular basis and that’s one more thing done to ease any related anxiety and .. sleep well!

How FBA Can Help You With Your Estate Planning

At Family Business Advisory (FBA), our purpose is to help family businesses succeed on a sustainable basis. As such, we provide you with access to specialist family, business and technical services with a goal being to generate opportunities for families in business. None of this can be considered complete without the presence of well-thought-out estate planning strategies being in place!

In order to complement our own particular specialised skills, over the past several decades, we have developed a network of trusted, professional advisers in such areas as:

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Moreover, we work at all times to give you peace of mind and proactive support to help navigate any changes in the market brought about by legislative changes, geopolitical events and general market conditions – all to maximise your personal wealth and security.

These services are provided by FBA, in association with the Wealth IQ Group.

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