Just leaving money via your Will for a grandchild to be held in trust until they reach 21 is fraught with risks; from of a challenge to your Will through to concerns of the effects of addiction, divorce and financial mismanagement.
So to help you better understand your options, here are three key phrases you need to understand.
And when it comes to making a Will, how can you be sure you're kids are not cut out of their inheritance by your new partner? Here's a strategy that might be what you're looking for.
Now I'm not talking about the neighbour's cat who has lived with you as your adopted fur-child for the past two years or the trailer your adult son still parks at your home for temporary safekeeping, 5 years ago.
I'm talking about bigger value items we sometimes own with others and often believe we can simply give them away in our Will. (And if you don't have a Will we'd love to help you out with that too.)
A problem arises when we share ownership of assets with another party.
When it comes to the reality of talking with our parents about money and aging, there is never really a right time. But there is probably a better time - and this is what you can do about that.
If you're part of the Sandwich Generation, there's a good chance you’ll become part of the growing number of adult children who will have to get involved with their parents' financial lives as they age.
Yet, the overwhelming majority of adult children – have not had detailed conversations with their parents about their finances, their estate wishes and plans.
How will you be using your superannuation balance? Lump-sum or regular income stream - or a combination of both?
Until then, many of us are also taking an active interest in our elderly parent's financial position in their retirement. Many of us are either the paperwork or financial backup, so it pays to have an idea of what they’re working with too.
The last few months have proven a tough time for many investors and super fund members as share market volatility continues to wreak havoc on the expected performance of many investment portfolios.
In light of this, we thought it a helpful idea to take a look at four behavioural mindsets that can paralyse investors thinking when they need to be the most level headed.
The frustration for many small business owners is nobody tells you everything you need to know.
The education journey of a small business owner can be a steep one.
A key part of going into business, seems to be an acceptance of ‘always needing to learn something more' and to remember you're usually both the technician and the director of the company - a juggling act that carries more responsibility than many people initially appreciated.
This is especially true about the responsibilities of a business owner and their need to both understand and manage, the natural risks of life and business.
The problem is ignorance of what your responsibilities as a Director are, is no defence.
The hard reality is while the gig emerging economy promises flexibility, our banking and superannuation systems have not kept up with the changes and now only adds to the new stressors our community of casual workers is facing.
For many people, working a side hustle is becoming more and more important in our growing world of temporary contracts and flexible working hours.
While providing flexibility (and promising better work-life harmony), growing a side business also requires a new business owner to learn new skills and new habits, before success arrives.
Here are some common financial mistakes time-poor new business owners can avoid.
It's a difficult time affecting us all, and all in very different ways. The opened-ended nature of this worldwide health crisis fuels a sense of uncertainty. And this won't be the last crisis our world sees.
This changing environment can kidnap our thinking with the seemingly urgent and distract us from the still important.
And our hearts go out to the people who are not in very fortunate situations.
As we find our way through this time, we don't want platitudes and denial but on the same token, we need to find ways we can keep calm and focus on what we can control - and look for something solid.