Years of frustration about the gap between protecting wealth and finalising Estate Plans recently bore fruit when a group of lawyers and advisers launched Yodal, Australia’s most comprehensive Estate Planning platform.
You already know my position on the over-use of “disruption” in the business world. Now I am adding robo-advice to my list of catchphrases to question.
As we face an increasingly digital world – and come to understand that it’s not going away – there’s a mixture of emotions and questions: Does this new technology threaten my livelihood? Do I need to change my business model to compete/keep up with these developments? What is the opportunity to use this technology to my clients’ and my business’ benefit?
The best drafted Will in the world will not stand up when the legal obligations of a Will maker to provide for their family have been overlooked.
When completing your Estate Plan and choosing the Executor/s of your Will, it is natural to select from those closest to you, whom you trust. The chance that your Executor will double as a beneficiary of your Estate, or beneficiary of your non Estate assets such as superannuation, is therefore highly possible. But what happens when the personal interests of a beneficiary conflict with their duties as Executor, which are to act in the best interest of the Estate?