When clients seek disparate advice rather than a coordinated planning expert. Results in a lack of integration between purpose and mission with tax, asset protection and economic strategy, thereby leading to uncoordinated and conflicting outcomes.

Whether it is Executors, Trustees or Appointors, the people nominated back in time may become inappropriate. That once trusted business partner and friend is now neither, but estate plans and documents have not been updated. Similarly, age and mental capacity can ‘throw a spanner in the works’.

In seeking to emphasise discretion in the allocation of income and capital, a broad beneficiary definition under a standard or outdated deed precedent is often adopted. With the law becoming more flexible with relationships (de facto, gender, children), estate plans and structures need to contemplate varying family scenarios to include and/or exclude desired beneficiaries, ensuring that the flow of income and capital is not corrupted.

It is generally well-understood that it is the Trustee of a trust who has management responsibility for the wealth and who fills that role is given careful consideration; however, the same careful consideration may not be given to the Appointor role. It is, in fact, the Appointor who has the paramount power to “hire and fire” the Trustee, which when exercised, can result in inconsistent or diluted asset protection.

An event of death or incapacity often triggers clauses in a multitude of existing trusts and shareholder agreements. Where it is not understood or contemplated, significant adverse tax consequences can arise, together with control and asset protection implications.

Superannuation is not an ‘estate asset’, therefore is not automatically captured by the Will. This is a technical and highly legislative area which can see death benefits misdirected, paid out unnecessarily at a significant taxation cost and/or become exposed to estate challenges.

Where deeds are poorly drafted, existing inter vivos trusts can be inadvertently vested, giving rise to both an undesirable CGT event and asset protection position into the future.

Fairness is subjective, and where complexity such as repartnering and stepchildren exist, claims can be made and succeed. The destructive forces, events and costs can be significant and typically arise due to a lack of maintenance provision and inadequate asset protection.

For some, the most valuable part of their overall wealth can lie within a business. It is often misunderstood that the assets of a business are assets of the owner and capable of being addressed by a Will. This is not necessarily the case. In the event of illness, incapacity or death of a family member who plays the central role in management, governance or strategy, the business itself can become ‘orphaned’ and rudderless in the absence of a business continuity plan.