Hi ammygadley,
The question your pose is full of challenges. Estate planning is complex and the answers will depend on the nature of the assets your mother owns. A pre nup is a good idea and will protect against the relationship breaking down but much more needs to be done to protect the estate should your mother die.
Firstly you need to analyse what the assets actually are. Are they physical property such as houses, jewlery antiques etc. These need to be dealt with under your mother Will. She can direct these whereever she likes however depending on what state she lives in she will need to ensure she makes fair provision for any dependents (eg her new husband) to minimise the risk of a successful challenge to her estate. Another solution is to minimise the estate and move assets into trusts or Superannuation funds where they are not dealt with under the will. This gets complex and considerations such as capital gains tax need to be considered.
Superannuation assets can be protected and sent where intended via binding nominations and you should get advice on this from a good financial planner. Sometimes it is necessary to change Superannuation funds to facilitate a satisfactory nomination although most funds these days have a basic BN facility.
For substantial wealth outside of the superannuation environment trusts can be used to bypass the estate with control of the trust passing to the designated person and avoiding a challenge to the estate.
You can see this is very much a case by case situation where your mother need to get some professional advice.
Regards
Jason Bragger
Brisbane Financial Planners | Financial Advice | Financial Advisor
This is a general comment only and does not constitute advice. Before making legal or financial decisions you should seek advice from a professional adviser, who can take into account your specific circumstances and investment goals.
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