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In Conversation with Morrows Private Wealth about Superannuation and Wills and Estates

The Nicholes Family Lawyers Podcast Series provides a wide range of information relating to Family Law, and beyond, presented in a way that is easily accessible, practical and focussed on proving solutions, support and encouragement.

As part of our podcast series,  Nicholes Family Lawyers recently had the privilege of creating three new podcasts with Kirsty McCormack, Rabia Javed-May, and Russell Krupp, from Morrows Private Wealth, which delve into the critical areas of Superannuation and Wills and Estate planning during and beyond COVID-19.

In each episode, our distinguished guests were joined by Nadine Udorovic, Partner, and Kate Bell, Senior Associate from Nicholes Family Lawyers for what was a series of engaging and insightful discussions.

Morrows Private Wealth is a premier private wealth management and professional services firm which assists clients to manage wealth, assets and their future. Morrows provide services in relation to tax and business advisory, superannuation, business technology, lending solutions, and business technology.

It was an honour to collaborate with Morrows on these podcast episodes, and we are very grateful for the contribution of Kirsty, Rabia, and Russell to the discussions which ensued.

Superannuation and Family Law

Superannuation, although a major element of our financial lives, is often easily misunderstood. Furthermore, in the Family Law space, Superannuation can form a vital component of a property settlement, and therefore a series of asset protection strategies should be available to those individuals who are undergoing a divorce or breakdown of a domestic partnership.

In the context of arduous and emotionally draining Family Law proceedings, it can be easy to overlook the long-term financial consequences of decisions made at settlement. Yet with a proper appreciation of the investment strategies and asset protection mechanisms that can be put in place individuals can ensure that their financial future is secure.

Russell Krupp, Special Counsel at Morrows, join Nadine and Kate to share his insight on the ways in which Family Law and Superannuation intersect, particularly the crucial investment strategies and asset management tools that can be employed.

Listen to the podcast here.

Superannuation and its relevance during COVID-19

Superannuation has also taken on even greater significance during the COVID-19 pandemic. While superannuation is intended to assist with retirement, the Australian government has recognised that the significant financial implications of COVID-19 has meant that for those most affected, there may be an urgent need to access these funds currently. As of Wednesday 1 July 2020, people facing financial stress as a result of the COVID-19 pandemic were able to access their superannuation account balance early, for the second time.

The new accessibility brought about by these measures may seem appealing to those who are looking for a quick supply of money to improve the hampered financial position brought about by COVID-19 and the associated restrictions on work and business. However, Kirsty McCormack, Operations Manager at Morrows Private Wealth, joined Kate and Nadine to discuss the viability of this early access scheme, its benefits, and potential risks.

Listen to the podcast here.

Wills and Estate Planning and Family Law

Considering the prospect of a Will can be daunting for many people. However, creating a Will and making appropriate decisions regarding estate planning avoids extreme uncertainty and distress during a time that is otherwise extremely difficult. By creating a Will, you have a choice over how your estate is distributed, and the administration of your estate to your loved ones is simplified by consequence.

Most commonly, people are prompted to create Wills when they are facing personal health issues or nearing old age. As we are in the midst of one of the greatest public health crises in history, it follows that more people are considering their estate and end of life planning. This presents a challenge, however, as many of the Wills currently being executed are done so virtually, or amidst social distancing measures. It is therefore important to be aware of the requirements surrounding a Will, and ensure that it is legally compliant, valid, and enforceable.

Rabia Javed-May, Head of Legal at Morrows Private Wealth, join Nadine and Kate to shed light on Wills and Estate Planning in the context of Family Law.

Listen to the podcast here.

Nicholes Family Lawyers would like to thank Kirsty, Rabia, and Russell for their time in exploring these critical areas. Should you require any assistance in relation to the matters discussed in these podcasts, please do not hesitate to contact us by email at [email protected], or by phone at 9670 4122.

To listen to the full Nicholes Family Lawyers Podcast Series, which covers topics including financial hardship, parenting, and property matters please click here.

By Nicholes Family Lawyers

 

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