Does the thought of your ex managing your estate or superannuation for your children make you cringe?
There are ways to manage this through effective estate planning and the use of binding death nominations for your superannuation fund.
If you have no Will, there is a risk that the parent of your minor children (albeit your ex) could manage and control your estate, as well as act as trustee for any superannuation payments that would be payable to your dependants. If you do not have the right estate planning tools in place, there is nothing that can be done to stop this from being the default position.
Quite often, you may think that your ex may have your children’s best interests at heart and you are sure that they will look after them, but there may be various reasons why you may want to ensure they cannot control the estate proceeds, such as:
- Addiction issues;
- Mental health issues;
- Money management concerns, including habits of excess spending;
- Concerns with their new spouse, future spouses and/or future children and step-children; and/or
- Simply hoping for an independent party to manage your estate and protect your children.
With split families, proper estate planning and provision for your children’s future security becomes more important than ever.
At D’Angelo Legal, our estate planning lawyers can help you navigate through these matters, as well as offer additional support via our family law team where required.