Home' SA 50s Lifestyle : SA 50s Spring 2015 Contents 15
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The prevalence of blended families
in Australia is rising. In fact,
approximately 1 in 3 first marriages
end in divorce.
Unfortunately, parents entering
second relationships unwittingly
jeopardise their children's future
prosperity by blindly relying on the
good faith of their new partner if they
were to die or become permanently
A properly constructed will and
powers of attorney are crucial
documents to ensure all family
members are protected --
When you think about it, if a parent
dies after entering a subsequent
relationship, it must be determined
how much of the deceased's assets
should go to their children from a
previous marriage or relationship
versus their new spouse.
A typical scenario is both husband
and wife are establishing their
second marriage -- both having had
children from previous marriages.
Typical problems that can arise are:
Firstly, one spouse dies passing their
full share of assets to their surviving
(new) spouse. Unfortunately, the
surviving spouse favours their own
children financially at the expense of
the deceased's children. Secondly,
one spouse dies passing their assets
to their surviving spouse.
The surviving spouse subsequently
changes their will directing all assets
to eventually pass to the surviving
spouses children, with nothing going
to the deceased's children.
It is often subtle changes over
time that can create problems.
While always well intentioned,
a new relationship formed with
children from previous relationships
requires careful estate planning if
it is possible your estate may be
challenged by your step children.
While adult children from a former
marriage may be considered
financially independent, not
providing properly for them could
result in a claim. A proper estate
plan can avoid the costly disputes
that can arise in this regard.
The two concerning scenarios
outlined above can be addressed
by engaging a dedicated estate
Blended families -- are your kids from
your first marriage protected now?
• Drafting or updating
• Safeguarding your Will
• Drafting your Enduring
Power of Attorney
• Drafting your Advanced
FLINDERS AUSTRALIA LIMITED ACN 162 061 556 incorporating: FTL Judge & Papaleo Pty Ltd ACN 112 603 719
J & P Services Pty Ltd t/as Flinders Legal ABN 59 113 047 653 FTL Estate Services Pty Ltd ABN 49 066 299 376
No Will or haven't updated it for years?
Now is the time!
Flinders is a dedicated Wills and Estates business.
Flinders Legal can help you put in place an Estate Plan including:
Level 2, 345 King William Street, Adelaide 5000
Phone: (08) 8110 1900
Avoid placing your family at risk
Australians are often proud of their
easy-going, laidback attitude to life.
But that same lackadaisical
approach can have a devastating
impact on grieving family members
or business partners in death.
According to financial planner and
insurance specialist Tony Anderson,
too many people fail to properly plan
for death or serious illness.
The principal of Adelaide-based
Sensible Insurance Solutions has
personal experience of just how
distressing the fallout can be.
"My former business partner Neil
died suddenly and we discovered his
will was out of date, we couldn't find
his family trust documents and he
had no nominated beneficiary for his
superannuation," Mr Anderson said.
"We even found some important
paperwork in the back of his car.
It took months to sort it all out,
causing significant additional grief
and costs for his family as well as
issues for the business."
The experience prompted Mr
Anderson to develop a simple step-
by-step solution called My Firebox.
Users must fill out a questionnaire
covering all areas involving personal
and business finances, including
succession plans, wills, insurances,
superannuation and investments.
Guidance is provided to ensure all
critical paperwork is in order and
then the original documentation
is stored in My Firebox -- a fire
resistant case -- with summarised
copies sent to key advisors such as
accountants and lawyers.
"It's a straightforward approach for
a potentially complex process and
provides protection for the individual,
family, business partners and any
employees," Mr Anderson said.
"Unfortunately far too many people
don't keep important paperwork in
order and it can be a nightmare to
sort out for those left behind."
For more information visit www.
au or phone 8338 7779, or Tony
directly on 0409 092 640.
Call Tony on 0409 092 640
for a discussion
Sensible Organised Solutions Pty Ltd
Located at Strathalbyn, Littlehampton & Fullarton
"If anything happened to you,
I don't know where I would
start to look in relation to all
Be prepared for what happens next!
So, what's the solution?
How can you be prepared?
"My Firebox" is a "box" or safe place where all
your personal documents are kept in ONE place
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