Explain and propose wealth management approaches that make the most of the human and financial capital, and so the economic net worth, of families in complex circumstances

Complex situations include blended families, divorce or remarriage, unmarried partners, dependants with special needs, elderly parents, incapacity and members living in different jurisdictions. The goal is to protect and grow total economic net worth, human plus financial capital less all obligations, while treating each member fairly. Tools include marital agreements, trusts that separate assets for children of different relationships or provide for a dependant without jeopardising public support, clear beneficiary designations, powers of attorney, guardianship and life insurance to equalise inheritances. A good recommendation identifies each party's claims and the legal regime that governs them. The trap is relying on an old will or default rules that no longer reflect the family structure.