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A ‘Complex Will’ involves a more substantial number of held assets and/or blended family arrangements (where there is a second marriage or there are children from previous marriage or marriages). It includes advice in relation to:
- Assets held in a company or trust;
- Superannuation death benefits and the effect of making a Will in relation to these entitlements;
- Chapter 3 of the Succession Act and making you aware of the possibility of a disgruntled (eligible) beneficiary making a claim on your estate; and
- Options for holding assets and strategies to ensure that, following on your death, your wishes are upheld.
An example where a Complex Will would be appropriate.
Anthea and Keith have been married for sixteen years and are both in their seventies. They have enjoyed each other’s company over the many years and travel often together. They both have children from previous relationships.
Anthea has three children and Keith has two children. Given they have been together for quite some time they see it fair that both their respective estates go to one another and then in varying distributions to the five children.
Given Anthea’s youngest child Monique and Keith’s oldest child Craig have been great support to them both over the years, they wish to give them a greater portion of their respective estates to show their appreciation.
They request that Monique’s and Keith’s share of their estate be 30% each and then that there three remaining children split equally the remaining 40%.