This chapter sets out some common client scenarios which you as an adviser might encounter. I have identified issues that you should raise and discuss with your client and where relevant I have suggested answers and commented on these issues and included tables illustrating the solution.
Of course, each strategy is a generalisation and many of your clients will require variations – slight or major – before the estate plan can be said to truly reflect their wishes and needs.
This chapter shows that an estate plan is more than just making a will and power of attorney. Much of the work is extracting information from your clients and running through various scenarios to make sure that their estate plan truly reflects their wishes.
For ease of reference, I will use broadly the same characters in each strategy, although their circumstances change as set out in the introduction to each strategy. I have limited discussion to wills, apart from the final two strategies that deal with superannuation. In practice, you would routinely discuss financial powers of attorney, medical powers and guardianship with your clients also.
Your clients are (with thanks to Modern Family!):
Phil and Claire – married with three children, Haley, Alex and Luke.
Jay and Gloria – married (second time around for Jay) and have living with them Gloria’s son, Manny.
Jay has two adult children by a previous marriage – Claire and Mitchell.
Mitchell and Cameron – same-sex relationship with daughter, Lily.
Author: Bernie O’Sullivan, CTA