Why 60% of Australians Are Headed for an Estate Planning Disaster

Australia is in the middle of a $5.4 trillion wealth transfer. Baby boomers and the silent generation hold 70% of the nation's wealth and according to Perth's leading succession lawyer, most of it won't transition successfully. In this episode, Capital Partners founder David Andrew and wealth adviser Aden Wilkins sit down with Morgan Solomon, founding director of Solomon Hollett Lawyers, to unpack what actually happens when estate planning goes wrong and what successful families do differently. In this episode: 35 to 40% of Western Australians die without a will and this applies across all wealth levels. Baby boomers and the silent generation hold 70% of Australia's wealth, totalling $5.4 trillion. Most of it must change hands in the next 20 years. Family Provision Act claims are the fastest growing area of dispute in the WA Supreme Court and they're only getting bigger. Dying without a will means your assets are divided by a rigid court formula, not your wishes and it can set your own family against each other. Blended families are automatically in the complex camp for estate planning. There is no avoiding it. Estranged adult children can still successfully claim on your estate even if you haven't spoken in 20 years. Family farms and businesses create unique succession traps. Verbal promises of 'all this will be yours one day' don't hold up without a plan. A will written 10 years ago may be dangerously out of date. Your estate plan needs annual review. An ensemble of advisors - financial, legal, accounting, and insurance is critical to a robust plan. If you enjoyed this episode make sure to comment, like and subscribe to never miss an episode! ------------------------------------------------------------------ Follow Morgan Solomon: LinkedIn:   / morgan-solomon-b13ab58   Solomon Hollett Lawyers: https://solomonhollettlawyers.com.au/ Follow David Andrew: LinkedIn:   / davidandrewfamilywealthadviser   Capital Partners: https://capital-partners.com.au/team-... Follow Aden Wilkins: LinkedIn:   / aden-wilkins-40b006105   Capital Partners: https://capital-partners.com.au/team-... Follow Capital Partners on socials: Facebook:   / capitalpartnerspwa   LinkedIn:   / capital-partners-3   Instagram:   / capitalpartnersprivatewealth   ------------------------------------------------------------------ Chapters: 0:00 Welcome & Wins of the Week 6:00 Introducing Morgan Solomon & the $5.4 Trillion Wealth Tsunami 9:30 Why Most Wealth Won't Transfer Successfully 13:30 The Disaster of Dying Without a Will 16:10 Blended Families: The Most Complex Estate Planning Scenario 18:00 Family Provision Act Claims: The Fastest Growing Court Dispute in WA 22:00 The Black Sheep Child: Can You Cut Them Out? 28:00 The Family Farm Succession Trap 35:50 What Successful Families Do Differently 40:00 How Often Should You Review Your Estate Plan? 43:30 The Ensemble of Advisors You Need 49:30 Final Takeaways: Have the Conversation, Take Action ------------------------------------------------------------------ The Purposeful Investor Podcast is a public service provided for Australian investors wanting to make smart decisions with their money, avoid costly mistakes, look after the people they care about, and have a great life! We draw on over 30 years of experience from David Andrew and the Capital Partners team. For more information on Capital Partners' award winning team, visit capital-partners.com.au. Have a question? Email us [email protected]. This episode provides general advice only. We do not consider your personal circumstances when we share this information. Always refer to your financial adviser for advice about your personal circumstances. Capital Partners Consulting Pty Ltd AFSL 227148 trading as Capital Partners Private Wealth Advisers ABN 27 086 670 788. Recorded and produced by Podwave Studios: https://podwavestudios.au/ #EstatePlanning #WealthTransfer #WillsAndEstates #PurposefulInvestor #CapitalPartners #SolomonHollett #SuccessionPlanning #FamilyWealth #AustralianInvestor #FinancialAdvice #WealthManagement #EstateLaw #FamilyBusiness #BlendedFamilies #Inheritance