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Ted and Joan were happily married with 3 adult children.

Ted assumed that should either he or Joan die, the survivor would receive everything and that when they both die, their assets would go to the children equally.

It all seemed straightforward. Ted died unexpectedly aged 53.

What actually happened:

• Joan received their home – still subject to a $110,000 mortgage.
• She also received $400,000 from Ted’s estate.
• The children each received $200,000.
• One child successfully claimed $210,000 from Ted’s Super – Joan received the balance.
• There was a forced sale of an investment property resulting in the unnecessary and premature payment of Capital Gains Tax.
• Legal costs came to $47,000.

Ted’s objectives could easily have been achieved had he put in place an effective estate plan.