Estate planning without the jargon: A simple guide for families

Estate planning isn’t just for the wealthy - it’s about making sure your family is protected; your wishes are followed and doesn't leave a legal mess.

1. Testamentary trust Wills protect your family

• Plain English: A Testamentary Trust Will keeps your assets safe and ensures they’re given out as you want. If your child faces bankruptcy, their inheritance is protected from creditors. Same goes for protecting the inheritance of your long-term family assets from potential access if your children experience divorce/separation.

• Wealth Benefit: Protects family wealth from legal or financial troubles. Gives tax advantages to your estate.

• Action: Ask your financial adviser about setting up a Testamentary Trust Will.

2. Enduring Power of Attorney (EPOA) ensures decisions are made your way

• Plain English: An EPOA lets someone you trust handle your finances or health matters if you can’t. Example: If you’re in hospital, your EPOA can pay bills or make medical choices for you.

• Wealth Benefit: Keeps your finances and wellbeing on track, even if you’re out of action.

• Action: Choose a trusted person and get your EPOA sorted today.

3. Your super needs a Binding Death Benefit Nomination (BDBN)

• Plain English: Your super isn’t automatically part of your Will - without a BDBN, the super fund decides who gets it. Example: Without a BDBN, your super could go to the wrong person and cost more in tax. Thinks about how complex this gets in a blended family situation.

• Wealth Benefit: Makes sure your super goes to the right people, tax-effectively.

• Action: Contact your super fund and put a BDBN in place. Or speak with your financial adviser to help you.

Take Action Now

Don’t leave your family’s future to chance - get your estate plan sorted today. For more tips on protecting your wealth, reach out to Network Family Office.

More soon.