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Strategy 6: elderly and single

Setting the scene:

  • Jay and Gloria are divorced and Gloria and Manny returned to Columbia after Jay and Gloria reached an amicable property settlement.
  • Jay has two children by his first marriage, Claire and Mitchell, both adults.
  • Although not as wealthy as he was pre-divorce, Jay has significant assets including a small business, a house, bank accounts and motor vehicles – total value $5,000,000.
  • Jay has $1,000,000 in a self-managed superannuation fund from which he is drawing a transition to retirement pension. He has no life cover through the fund.

Issues for Jay to consider:

Issue Options Instruction
Personal representatives

Who to nominate for the important role of executor and trustee. Preferably nominate two persons and an alternative

Appoint Claire and Mitchell with Phil and Cameron as respective alternatives

Will executors be paid? No payment
Guardian for Manny

On Jay’s death, does he want his estate to go to Claire and Mitchell equally or some other option

Estate to be divided equally between Claire and Mitchell

Nominating beneficiaries

If Claire or Mitchell predecease leaving children, do those children receive the share their deceased parent would have received?


At what age? Age 25
Other issues for discussion

What will happen to the business on Jay’s death? Has a strategy been put in place to enable it to continue to operate if he died or became incapacitated? Is key-man insurance required? Is there a business partner and should they enter into a buy/sell agreement?

Discuss with client

  Has Jay nominated a reversionary beneficiary to the pension in his superannuation fund? Should Jay make a binding nomination/direction for his superannuation fund?

Jay makes a binding nomination nominating his estate