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Getting your estate planning right in the COVID-19 crisis

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Published on 01 Aug 20 by "THE TAX SPECIALIST" JOURNAL ARTICLE

The advent of the COVID-19 crisis has presented all sorts of challenges to advisers and their clients. This article explores the impact of the COVID-19 crisis and the implications for estate planning and the importance of reviewing an estate plan in place when a significant event, like a pandemic with economic consequences, occurs. There would be many estate plans formed prior to COVID-19 which should now be reviewed post-COVID. The article also explores practical issues arising from difficult and sensitive scenarios including: when a relationship breaks down and the impact on the estate plan; whether you can future-proof inheritances and protect the “family jewels” through binding financial agreements or other means; and when the “Bank of Mum and Dad” comes along to help out the family. As a final point, the article observes the value of helping clients to take a step back and conduct a “health check” of their succession plan in this unpredictable environment.

Author profile

William Moore
William Moore leads Hall & Wilcox’s national Private Client practice. With over 15 years' of experience, William helps clients to work through their succession planning goals and issues. William is widely regarded as a leading practitioner in the area of succession planning, trusts, estates and estate litigation. William prides himself on giving practical advice and understanding the client's needs and business intimately to give them the best results. William is a ranked individual in Chambers High Net Worth 2024 for Private Wealth Law, a Law Institute of Victoria Accredited Specialist in Wills & Estate Law, a recommended Wills, Estates and Succession Planning Lawyer and Wills & Estates Litigation Lawyer in Victoria in Doyle's Guide to the Australian Legal Profession. - Current at 27 August 2024
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