Families can break up through fighting over the parents' estates, so it is a good idea not to leave a mess for the children.  That is not the legacy you want to leave.

A Will is the means of passing assets to those you choose.  Some get it right, but some end up in court.

Wills are technical and it is essential they be properly executed by a competent solicitor.  What is not widely understood is that a Will only deals with assets in your name.  That is, with complicated structures like superannuation and trusts, the legal owner is the trustee, not you personally, so you can't distribute these assets.

The remedy in a superannuation fund is a Binding Death Nomination, which instruction the trustee must obey.  (Simply, it instructs the Trustee to pay the benefits to a person or your legal representative).

With property, which may be either a Joint Tenancy or as Tenants in Common, the interest of the deceased usually passes to the survivor.  With Tenants in Common, each person has legal title to half the property, but that title could be challenged so may not automatically pass to the survivor.

Some practical steps to keep things straight forward:

- Review your estate plan regularly to make sure it has kept pace with your current situation and wants.

- Always review after a major event like divorce.

- When things get a bit complex, as with trusts and superannuation, special care is needed to ensure the benefits are paid as planned.

- Life insurance can be used in the Fund to get a particular outcome.

Estate planning is about determining a required outcome.  Can it be reliably executed, or is there someone who could challenge that plan?  You may need to revisit what you planned, to leave the legacy you want.

This is an area we are addressing this year for clients, as we undertake tax planning and compliance.  We can assist by instructing your solicitor on the business entities and situation, attend to an updated Binding Death Nomination (this should be done every 3 years), and review insurances for cover and value.