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Question - Your client, Mrs. Miranda Jones, came to see you for advice about wills and estate planning. Miranda (69) has recently been diagnosed with early onset of dementia. She has a share portfolio worth around $350,000 with an annual income stream of approximately $24,500. She wants to leave her share portfolio to her only son, Raymond, in her will.
Raymond (42) earns $220,000 per year from his own plumbing business. Raymond's wife, Yoko (39), is a stay-at-home mum who looks after their three young children.
Miranda is concerned about: (i) her continuing capacity to make financial decisions, and (ii) what she should do about arranging her affairs and her will.
REQUIRED -
(a) What advice would you provide to Miranda about her two concerns?
(b) Why is estate planning an important part of a comprehensive financial plan?
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