Planning for the unplanned requires expert advice

Most people don’t want to contemplate their death, but that doesn’t prevent them from planning for it in terms of their estate.

And while most people likewise don’t want to give a thought to a relationship failing to work out, it happens. Wise individuals also make plans with this sad possibility in mind.

“People generally, and family lawyers, don’t always understand the impact of relationship breakdown on the family estate plan,” Alex Tees wrote in an article for the website humbleinvestors.com. “For clients with their own businesses, substantial investment assets and superannuation balances, good estate planning is essential.”

Immediate important matters to consider, according to the story, include:

• Should a new will be made, because generally a divorce cancels the old one?
• Was the ex-husband, ex-wife or other kind of ex a director or officer of a business?
• What kind of long-term planning must be made to protect children?
• Does the change in circumstances call for a new executor of the estate?

“As you can see the list highlights many issues and most of them are complex to both understand and rearrange for new circumstances,” Tees wrote. “This is why professional help is essential for effective estate planning needs.”