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Tips for Asset Protection Advisers in Unique Cases

Things are starting to pick up quickly in the intergenerational wealth transfer space with over $7 Trillion passing from Australian Baby Boomers to future generations over the next 20 years.  We see daily in the news, in blogs or on socials the importance of having a Will, the problems of family provisions claims and poor estate planning.  

As a SAPEPAA Adviser you deliver on all things succession, asset protection and estate planning.  For your reference here is a test to see where you are up to in your SAPEPAA skill set.  We will be looking at these questions in break out groups at the upcoming SAPEPAA international conference in Koh Samui.

State Family Provisions laws mean what is in the Will is secondary to what the Court decides on a family provisions application or settlement. 

Many families make the mistake of thinking that a testamentary trust beats a family provision claim. With $7 trillion to pass through the generations over the next 20 years, expect a lot of family provisions litigation.  

Questions and Case Study: 

  1. Do you look for family provision risks amongst your clients - a competency standard as a SAPEPAA Advisers?

  2. As a SAPEPAA Adviser how do you deal with potential family provision claims?

  3. Case Study: A client with a $2M house, $1M in super and joint cash account comes into office and wants their estate to go to their second spouse and not their estranged children from their first marriage. This is vital as the client's spouse is from a poor family in the Philippines. What do you advise in terms of the law and the solution?

NDIS families are unique to Australia and are looked after by the NDIS safety net.  

Questions and Case Study:  


  1. As a SAPEPAA Adviser how do you deal with a family with an autistic child?

  2. How many of your current clients have children or family members on NDIS - do you ask this question in interviews?

  3. Case Study: A family with a 28-year-old child who has severe autism is concerned about what will happen to them in the event of both parents passing.  The child is on NDIS, non-verbal autism and needs permanent care. The family has $3M in assets and two other adult children who have their own families. What do you advise in terms of the best solution for family wealth protection and an equal distribution of family wealth?

Most of Australia has superannuation including salary and wage earners and business owners. 

On death there are several options which may be employed by the Trustee of a superannuation fund, including a SMSF, from letting the Trustee decide where the deceased members death benefits are to go to establishing a Death Benefits Trust for dependents of the deceased super fund member.

Questions and Case Study:

  1. What are the various family wealth protection options that can be employed by a SAPEPAA Adviser for maximum protection?

  2. What is the worst-case scenario for superannuation which may be subject to a family provision claim?

  3. How do you deal with retail, industry and SMSFs when it comes to family wealth protection?

  4. Case Study: A client has a SMSF with a $2M non-reversionary pension that he wants to continue to his second wife and then be split amongst his two children who need protection from their partners as the client believes they are controlling. The clients want to ensure each child gets $350,000 on his death. What is your advice?

Blended families pose their own unique position.

Family provisions claims and fights are almost guaranteed - yet the solutions are complex from a family wealth protection point of view as there are so many variables.


Questions and Case Study:

  1. How do you raise the particular issues with blended families when it comes to family wealth protection?

  2. What solutions do you generally bring to the table?

  3. Case Study: A same sex couple have come to you, having been married before to members of the opposite sex, each with two children, one set upset their parent is in a same sex relationship while the other children are more relaxed.  One of the couple has $3M from their divorce settlement and their partner lives with them rent free.  The partner has an investment property worth $800,000 and $300,000 in super.  What would your advice be to these clients?

All of the above are day to day challenges we face as SAPEPAA Advisers and it is crucial that we not only know our competency requirements but also practice them on a regular basis.  SAPEPAA Advising is a challenge, an exciting one at that, as we will see in our group sessions covering these vital client questions. Don't miss the event of the year to unveil all this and more.

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