At Orbital Life, we often say that insurance is not just about numbers on a policy document – it’s about people, their families, and their future. The same principle applies to succession and estate planning, which is why we recently spoke with Maryanne Pollifrone, Special Counsel at Hitch Advisory, about what families and business owners need to have in place before life throws the unexpected at them.
Beyond a Will: Planning for Wealth and Control
For many people, estate planning begins and ends with a will. But as Maryanne points out, that’s only part of the story:
“My primary area of focus is planning for the transition of assets on loss of capacity or death. That often goes well beyond preparing a will, especially where clients have more complex structures – superannuation, insurance, trusts – and we need to make sure assets land with the intended beneficiaries in a way that also provides protection.”
This is where wills with embedded trust structures, enduring powers of attorney, and guardianship documents all come into play. They ensure not only that wealth is directed appropriately, but that someone is legally authorised to step in if you can’t make decisions yourself.
The Overlooked Risks
Maryanne shared a story of an elderly woman with dementia who never signed enduring powers of attorney. When her daughter– who had cared for her for a decade – applied to manage her finances, a long-lost sibling disputed it. The NSW Civil and Administrative Tribunal ultimately appointed the NSW Public Trustee and Guardian, someone not known to the elderly woman or her family, to make her personal and financial decisions.
“It was really upsetting. Had she put documents in place, it would have been clear who she trusted. Instead, the family was left with conflict, and the decisions were taken out of their hands.”
These scenarios aren’t rare. Blended families, outdated documents, and simple inaction often lead to disputes and financial hardship that could have been avoided with some straightforward planning.
The Cost of Doing Nothing
The irony, Maryanne notes, is that the upfront investment is minor compared with the fallout if you don’t act:
“The initial investment of a few thousand dollars can save tens of thousands on the other side. With the right documents, the right insurances, and the right people appointed, you reduce costs, avoid delays and give your family peace of mind.”
Without planning, families can be left waiting months – even years – to access funds. Meanwhile, mortgages still need to be paid, businesses grind to a halt and loved one’s shoulder stress at the worst possible time.
The Role of Life Insurance
This is where insurance and legal planning intersect. A life insurance payout can provide the liquidity to clear debts, protect a home or keep a business running. But without structures in place, that payout risks sitting in limbo.
“You’ve gone to the effort of getting insurance so there’s liquidity. Now let’s provide asset protection for those funds. A trust within a will can ensure the money is available for your partner and children, even if circumstances change – a remarriage, creditors, or other complications,” Maryanne explained.
This is why Orbital Life’s advisers regularly work alongside legal partners like Hitch Advisory – the planning only works when insurance and estate structures are aligned.
Start Early, Review Often
Maryanne’s advice is simple: don’t wait.
“Everyone over 18 should have a will, enduring power of attorney, and guardianship documents. Even if you only have $100 in a bank account, the frustration family members face to deal with it without proper authority is burdensome.”
And like insurance, estate plans shouldn’t be set-and-forget. Major life events – marriage, separation, children reaching adulthood, career or asset changes – are all triggers to review and update.
“We prepare documents to last indefinitely, but that doesn’t mean they stay relevant. A review every three to five years, or after significant life changes, is essential.”
Building Your “A-Team”
One of the biggest efficiencies comes when clients surround themselves with a connected team of advisers:
“Your insurance broker, your accountant, your financial adviser, your estate planning lawyer – when they know each other and work together, the transition is seamless. Assets can be liquidated faster, families can access funds sooner, and loved ones can grieve without the weight of administrative nightmares.”
Takeaway: Don’t Be the BBQ Story
Perhaps Maryanne’s most practical advice is also the most human:
“Everyone hears the not so uncommon tales where everything went wrong because documents weren’t in place. You don’t only prepare these documents for yourself; you prepare them for those you leave behind.”
At Orbital Life, we see this every day. Insurance, estate planning, and trusted advisers working in unison give families the breathing space to recover, reset, and move forward. The best time to start is now.