This regrettably is something that we come across where the key decision maker in a relationship has passed away or is incapacitated, and was in control of financial information, legal and financial structure, and importantly, had digital access to the money. In Australia, the majority of high net wealth (HNW) families are self-directed, with a key financial decision maker receiving multiple advice points across brokers, investment advisors, lawyer, insurance, banking, superannuation funds, and tax & accounting. The immediate risk is financial paralysis, no cashflow, and difficulty implementing the estate plan. The risk is that your affairs are disparate and not effectively brought together.
As we have written variously on (When Estate Plans do not work, Complexity in Families: Intergenerational Wealth Strategy, Digital Assets: Estate Planning for the Modern Age), the affairs of families have become more complex. Wealth (and its cashflow) is invariably not directly owned, but operated through superannuation, trusts and companies where assets are controlled and not directly owned by the primary decision makers. Importantly, whilst there are very good reasons to utilize these structures, having it properly integrated and capable of operating when one of the key decision makers has passed is absolutely crucial.
A core element of Cameron Harrison’s Wealth Management Solutions is Estate Planning & Intergenerational Wealth Transfer. We have a team of specialist experts with vast experience on estate planning and most importantly, its practical implementation over 40 years. The requirements are: