An increasing number of Baby Boomer parents are concerned about leaving unconditional bequests in their Wills to their grown-up children, for fear that they will squander their inheritance.
As parents we love our children and want them to receive the benefit from our hard work after we’re gone.
However, some kids just seem to attract hard luck and trouble, don’t they? They can be immature, have difficulty holding a job, or are just poor money managers. Some develop a bad and expensive habit, like gambling, drugs or alcohol, while others suffer mental illness.
Then there are the risky-business kids, who constantly fear the door-knock from the bailiffs because they run their businesses on the knife-edge of bankruptcy and litigation.
Also, many parents are concerned about their child’s choice of spouse. Golddiggers of both sexes abound, particularly in these difficult economic times, and a high percentage of all marriages end in divorce. None of us wants our hard-earned assets to end up leaving the blood-line, and going to the ex-spouse of our child in a divorce and property settlement.
And it isn’t just marriage that can lead to “sexually-transmitted debt”. In South Australia, any two people (of any combination of gender) can begin to acquire property rights in each other’s assets after as little as 3 years’ cohabitation.
Sometimes Boomers want to protect legacies for their beloved grandchildren. A common fear is that grandchildren from your child’s first marriage could be disinherited by a son- or daughter-in-law from a second marriage.
Just as frequently Boomers just want to make sure that the money will still be there for their kids, despite the kids’ flaws and shortcomings.
It’s a very good idea to explore your estate planning options, by contacting a specialist lawyer who is experienced in estate planning in South Australia.
Founded in 1848, Genders & Partners is the oldest law firm in South Australia. We choose to specialise in just a few areas of law closest to most families, so that we can provide the legal services that matter most to you.
Our experienced estate planning team can discuss many estate planning tools and techniques including:
- encouraging (and even paying for) children to sign prenuptial agreements;
- creation of protective trusts;
- titling of assets for joint ownership;
- consideration of insurance options.
Choosing the right estate planning lawyers can make a huge difference in ensuring proper distribution of your assets after death, minimising or avoiding any legal issues that may arise, and protecting your hard-earned assets. Most importantly, it helps save your family all the trouble, as well as thousands of dollars in legal fees and taxes, after your death. For friendly and expert assistance from specialist Estate Planning lawyers in Adelaide metro area, contact Genders & Partners – the oldest (and one of the most respected) law firm in South Australia. We have been protecting South Australians and their families since 1848.
Genders and Partners can help you to protect yourself, your family and your assets. Let us assist you with Estate Planning in Adelaide metro area and all over South Australia, for your family’s future.
Contact us today on (08) 8212 7233 to arrange a FREE telephone consultation.
SPECIAL REPORT “7 Things You Must Know Before You Make Your Will”
In this report you will Learn:
Why home-made Wills can be a LOT more expensive than you might think.
The secret weapons used by the rich & powerful to protect their assets, and transfer their wealth two or three generations ahead.
How Estate and Trustee Companies make BIG money from “free” Wills.
The Most Common Estate Planning Mistakes, how they can cost your family a fortune, and How to Avoid Them.
The Elements of a Sound Estate Plan – why a Will alone is not enough.
How to Make Sure Your Assets Stay in Your Family and are not lost to creditors, lawsuits or ex-spouses.
How to guard against challenges to your Estate after you’re gone.