By Hadyn Oriti
It is an unfortunate fact that among those who we call our family, there may be illnesses and behaviours present that can cause alcoholism, drug addiction, gambling, excessive spending and greediness. Some family members may be schemers and manipulators. Others may be bankrupt or on the verge of insolvency.
There are also family members that may be unable to look after themselves, whether they suffer a disability of the body or mind. Alternatively a family member may be in a relationship with a person that fits one the descriptions above or perhaps you hold grave fears for the longevity of their relationships.
To those who do not recognise any of these scenarios in their own family, I say please appreciate your good fortune; but don’t stop reading.
As parents we do not stop loving our children because of their failings, faults or short-comings. We want to give them the tools they need to ensure their every success in life. And when we are not there anymore, we want to pass on to them what we can to assist, without the fear that it will be lost -gambled, drunk or frittered away; lost to creditors or the former spouse. When undertaking your estate planning it’s important to know that there are mechanisms in place to help achieve your objectives.
The good news is that we can help protect the assets you worked hard to accumulate with a number of mechanisms including testamentary discretionary trusts or special disability trusts. These structures can be established under your Will to ensure that assets are protected from loss or claims by others and used to benefit your loved ones.
They can also be a tax effective way to hold assets and distribute income. This can be especially important when the children have done well for themselves financially and might appreciate the option of holding assets in such a structure.
The team at Donovan Oates Hannaford have decades of experience in preparing Wills. We offer superior, professional advice that is easily understood and is provided in a timely manner. Should you require any further information, please contact Hadyn Oriti on (02) 6583 0449 or firstname.lastname@example.org.