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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 horiti@dohlaw.com.au.

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