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.
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.
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.
Have you felt the fashionable pull to publicly commit to a New Year Resolution?
Has your social news feed been flooded with images of bottles of Champaign, Wealth and high Fashion photos that only makes you feel isolated, or even bad about yourself?
Welcome to the annual New Year advertising splurge designed to separate you from what's left of your money, before you can really think about it.
Welcome to a new year (and a new decade). Remember old habits don't usually take us to new places.
Hopefully this the year you’ve decided to set some family goals and get a little more proactive on achieving some saving goals. One of the challenges of a busy life can be we keep our ideas and hopes about our personal money goals locked in our head, rather than writing them down where we can see them, talk about them and maybe even ask about our progress to achieve them.
So it's fair to assume there’s also a lot of siblings of those same people living with a disability or chronic illness.
We often forget that for every person with a disability, there’s probably a sibling or extended family member helping support them or who act as the financial backup for that person too.
We all read about the terrible road tolls that affect our modern life.
Every day the same stark reality of yet another death on the roads tempts us to look away, forcing advertising agencies to use increasingly violent images to get our attention.
But today with modern technologies and advances in trauma medicine, more people now survive car accidents. The cost of surviving can be devastating to the survivor and their family in both personal and financial ways.
Many blended Australian families wanting greater certainty in their estate planning choose to make a mirror Will with their spouse - effectively leaving everything to each other.
Experiencing prostate cancer has a significant impact upon a man's personal, work and family life. The sobering fact is 1 man dies every 3 hours from prostate cancer in Australia.
Who will look after them when we’re not there?