Purpose of Wealth

About the Purpose of Wealth Podcast

Financial independence goes beyond just having money; it’s the ability to live life on your terms, without worrying about financial constraints. It allows you to make choices driven by passion and purpose rather than necessity. By striving for financial independence, we open up opportunities for growth, innovation and impact, not only for ourselves but also for future generations.

About This Episode

We’ve all heard about blended families. But have you heard about blended finance?

It’s surfacing as a significant trend in philanthropy, to de-risk investment and mobilise larger pools of private capital to benefit community and the environment, and it’s helping more families rethink their approach to giving so they can have more impact.

In this episode host Narelle Hooper speaks with Victoria Stoddard and Alan Schwartz AO.

Victoria is Director of Philanthropy at Mutual Trust whose role helps bridge the worlds of NFPs and private wealth. Alan is Chair of Trawalla Group, and describes himself as a “Capitalist, Philanthropist and Social Activist”. And as we discover, Alan’s on a mission.

For more information on Transition Accelerator, head to transitionaccelerator.com.au and the Trawalla Group at trawallagroup.com.au

About the Purpose of Wealth Podcast

Financial independence goes beyond just having money; it’s the ability to live life on your terms, without worrying about financial constraints. It allows you to make choices driven by passion and purpose rather than necessity. By striving for financial independence, we open up opportunities for growth, innovation and impact, not only for ourselves but also for future generations.

About This Episode

In this episode of The Purpose of Wealth, renowned family wealth consultant, educator and psychologist Dr. Jim Grubman sits down with host Narelle Hooper to dismantle the fear-based narratives surrounding intergenerational wealth transfer.

Dr. Grubman, co-author of Wealth 3.0, offers a refreshing, positive-psychology-based approach to family wealth. We’ll tackle a longtime trope, ring the Dr Jim helpline, and get a mini masterclass in negotiation between the generations. That way you can find harmony (in the family choir).

Plus, Dr Jim shares three key questions to help your family adapt to change and help build a legacy grounded in values, communication, and intentional stewardship.

About the Purpose of Wealth Podcast

Financial independence goes beyond just having money; it’s the ability to live life on your terms, without worrying about financial constraints. It allows you to make choices driven by passion and purpose rather than necessity. By striving for financial independence, we open up opportunities for growth, innovation and impact, not only for ourselves but also for future generations.

About This Episode

We know family offices are unique and idiosyncratic. But what about the people that run them?

In this episode of Purpose of Wealth, host Narelle Hooper chats with Tammy Hurst, director at Mutual Trust in Adelaide. Tammy has a surprising career journey that stretches from accounting and law, to the Royal Navy, to starting and running a single-family office (SFO) from scratch.

Tammy shares her personal experiences from her career managing complex family affairs, the challenging conversations required to guide families through tough investment decisions and some valuable lessons from military leadership training.

Plus, if you ever face a logistical challenge of moving an elderly cat across continents, Tammy’s your person.

Too unpleasant, too time-consuming, too expensive — writing a will is a task many people postpone. In the end, it’s done half-heartedly, if at all. Helmut Quast discusses the eight most common mistakes made when drafting a will. As a family officer, he explains how to avoid undesirable consequences.

There are certainly more pleasant topics than contemplating one’s own death. It’s only human to put off writing a will — along with the necessary discussions with experts and potential heirs. “I’m not planning to die anytime soon — and there’s a legal framework anyway,” is something I hear repeatedly in my role as a family officer.

Technically, that’s true. The statutory rules may suffice in theory, and in some cases, heirs don’t argue. But in reality, things often play out very differently. There’s a saying that an Erbengemeinschaft (community of heirs) often becomes a Streitgemeinschaft (community of conflict). And it can happen quickly: under the principle of unanimity, even someone inheriting a small share can block all decisions.

Here are eight reasons why you should take this subject seriously and do it right from the beginning — not half-heartedly.

Mistake 1: Not Updating the Will

When I ask clients when they last revised their will, the most common answer is, “Recently.” But when I follow up with a specific date, the truth usually surprises them: “Actually, that was more than ten years ago. And a lot has changed since then.”

Failing to update a will is one of the most common mistakes. Many people assume that once it’s written, it’s valid indefinitely. But laws change, circumstances evolve, and the original intentions may no longer apply. That’s why wills should be reviewed regularly — ideally every two years — and updated if needed. Changes in family dynamics, finances, or tax laws may render a once-sound will outdated.

A simple reminder system helps. I often suggest linking it to the biennial vehicle inspection (TÜV): “If I’ve been to the TÜV, I also check my will.”

Mistake 2: Not Communicating With Heirs

Many entrepreneurs tell me they have a clear plan: “My son will get the business, my daughter the property.” But often, the children have different ideas — maybe the daughter wants to run the business and the son prefers liquid assets.

Lack of communication with intended heirs can lead to misunderstandings and conflict, especially if expectations don’t align. While the topic isn’t easy, open discussions are essential. Trust your heirs to contribute thoughtful ideas for succession — they’re part of the process too.

Mistake 3: Not Following Legal Formalities

Even a will with small errors is better than none — but confusion often arises around the formalities: Does it need to be handwritten? Is a notary required? Can I use a draft from ChatGPT?

In fact, a handwritten will is legally valid if it includes the date, name, place, signature, and terms like “will” or “last will and testament.” However, in cases involving complex assets, it’s wise to involve a notary to ensure legal accuracy. To perfect it, working with an experienced tax advisor is just as important as legal guidance.

Mistake 4: Ignoring Compulsory Portions

It’s not uncommon for people to deliberately leave someone out of their will: “I want nothing to do with my brother anymore,” or “There’s a child from a previous relationship — I’m not including them.”

But the law might have other ideas. Omitting individuals such as children from previous relationships can trigger legal disputes. Compulsory shares are enshrined in law and can’t simply be ignored. A better approach is to address these situations proactively and make clear arrangements. It’s easier on everyone — and often cheaper — in the long run. With a thoughtful plan, any challenge can be resolved.

Mistake 5: Overlooking International Aspects

When I speak with clients about their international assets, I often find little to no planning has been done. Some may remember their holiday home in California or their chalet in Switzerland. But what about a relative living abroad? Or the implications of living overseas themselves?

For anyone with international assets or connections, it’s crucial to account for international inheritance laws. A will should clearly state which jurisdiction applies, and consider tax consequences — which are often overlooked.

Mistake 6: Poor Storage of the Will

When I ask where a client’s will is stored, I often get surprising answers like, “In my desk drawer,” or “In the vault.” These might work — if the will is found promptly and if the finder knows what to do next.

We recommend storing the will in a bank safe deposit box. Banks are obligated to open and document the contents after a death. As a family office, we often keep a copy of the will, along with information on where the original is located. Another certified copy can be stored at home in a secure place.

While this approach requires a bit more effort than a desk drawer, it ensures the valid version is found — and followed.

Mistake 7: Incomplete Asset Inventory

I’m often asked to review existing wills and frequently find omissions: a stake in a business left out, or a vacation property missing entirely.

Creating a complete inventory takes time and a clear view of all assets. But without a full picture, important items may be excluded from the will. A thorough list of properties, bank accounts, and business interests is essential. Family officers are in a good position to help — we already have insight into overall assets and often know the full family picture.

Mistake 8: One-Sided Approach to Drafting

Who should you consult when drafting a will? As a family officer, of course, I’ll say: the family officer! But in all seriousness, there are many professionals who can help you draft a good will.

Still, it’s essential to take a well-rounded approach. A will that focuses only on legal aspects might miss out on tax optimization opportunities. Many people don’t realize how much tax can be saved through thoughtful — and legal — planning. Personal allowances and preferential treatment of certain assets should be considered to reduce the tax burden on heirs.

Final Thoughts

Ultimately, writing a will — even a simple one — is better than having none at all. The most important thing is clarity and legal validity. To avoid stress and disputes among heirs, everyone involved should take responsibility and address the topic early.

Too many people assume that siblings or relatives will agree peacefully. But money can strain even the closest relationships. A well-thought-out will can prevent conflict before it starts.

Yes, writing a will takes time. And yes, it costs money. But both are very well spent.