Preserving Your Legacy & Protecting Your Family

By Simon Cooper
January 11, 2022

Why do people work hard? Well, if a hundred people are asked as to why, then a hundred varying answers will be given. However, there is a huge possibility that most or even all of the answers will include working for oneself and family.

Family is the support system that gets every individual to keep going despite the daily hardships faced. Every hustle and ensuing success is dedicated to secure the future of the family’s legacy. A great legacy will protect the family but how can that same legacy be protected?

Estate Planning Considerations When Transferring Wealth or Distributing Assets


• Securing a Will

The first step in this process is to make an effective Will. A valid Will ensures that your properties will be legally distributed to your family. Failure to secure one will most likely force the Government or the courts to determine how your assets are distributed and even to the extent of deciding how your underaged children will be looked after.

A Will that is well structured can ensure that your assets will be inherited by your desired beneficiaries. It will also ensure that their tax positions are optimised and that contingencies are documented should circumstances differ at the time of your death. In the case that you will be leaving behind underaged children, it will allow you to nominate their guardian and how their assets will be managed.

Securing a valid Will does not only leave your family in a secure financial standing but it will also prevent family arguments and legal challenges are minimised.

• Power of Attorney

A power of attorney or an enduring power of attorney will allow you to appoint an individual or a trustee to deal with your financial affairs for a certain period of time. The main difference between the two is that an enduring power of attorney will continue if you lose capacity.It will allow others to make lifestyle decisions on your behalf, if you become incapable of making your own. However, it is important that this matter is thoroughly discussed with your family members so that they understand who your power of attorney is and the decisions they might need to make on your behalf to avoid any complications.

• The Power of Super

It is suggested that if you have a Superannuation, you may need to nominate either a beneficiary who meets the requirement of a ‘SIS dependent’ or your legal personal representative (LPR), an individual who may then distribute the proceeds in accordance to your will. Your appointed LPR shall have the power to be the executor of your estate with a valid Will or administrator of your estate where there is no valid Will.

In the event that you were not able to make a valid nomination, your super death benefits are subject to the super trustee’s discretion, which may lead to an outcome entirely different from the one you intended.

If you have a self-managed super fund (SMSF) you need to execute a trust deed amendment. Not all funds will provide all these options so it is suggested to seek the help of a trusted financial advisor and an estate planning lawyer to consider other factors such as tax implications, amongst other things, when deciding who to pass your super death benefits to.

• Dealing with Taxing Matters

An equalisation clause in your Will, whereby each beneficiary inherits in the most tax-effective manner depending on their situation will prevent your beneficiaries from receiving different final amounts due to difference in tax rates. A testamentary trust can be set up with the appropriate provisions within your Will and is activated after you die. A testamentary trust can be an effective estate planning tool not only providing for the tax-effective distribution of your wealth but also greater asset protection and flexibility depending on your circumstances.

Moving Forward Protected and at Ease

The unpredictability of current events is indeed alarming and overwhelming especially to an individual like you who is working hard to provide for your family. And although you are trying your best to stay safe and protected, a little extra protection for yourself and your family will definitely preserve the legacy you have spent your lifetime building.

At Forward360, we understand the hesitation of creating estate planning and retirement planning strategies. A lot of considerations must be recognised and understanding the various tax implications and structuring of your affairs accordingly is required. We have a team of professional and highly experienced financial advisors that will be with you every step of the way. We will make sure that you are well-informed before making crucial decisions and that you have total comprehension of the legal conditions.

It is our goal to provide you with the financial freedom you deserve after a lifetime of hustling for your family. For a better, wealthier tomorrow, choose us today.

Simon Cooper

Co-Founder, Managing Director, Financial Adviser

Simon is a financial advisor who takes his work seriously. He ensures that all of his clients receive the best possible advice, so that they can reach and exceed their financial goals, both personally and professionally. Simon has been in the business for many years, and has a wealth of experience to share with his clients. He is known for being friendly and approachable, and always puts the needs of his clients first. Simon Cooper is an Authorised Representative of Reedy Capital Pty Ltd (AFSL No. 495539), Authorised Representative Number 1248807 and a financial adviser at Forward360.

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