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Asset protection, succession and estate planning glossary
- Asset Protection
The process of structuring your business and personal assets to reduce exposure to risks such as lawsuits, business failure, divorce or financial claims.
- Beneficiary
A person or entity entitled to receive assets, income or benefits from a will, trust or superannuation fund.
- Binding Death Benefit Nomination (BDBN)
A formal direction to your superannuation fund specifying who should receive your super when you pass away. If not set up correctly, it may not be valid or effective.
- Business Structure
The legal structure used to operate a business, such as a company, sole trader or trust. The right structure can impact tax, risk and asset protection.
- Capital Gains Tax (CGT)
A tax applied to the profit made when selling an asset, such as property, shares or investments.
- Company (Pty Ltd)
A separate legal entity used to operate a business. While it can provide some protection, it does not automatically protect personal assets in all situations.
- Discretionary Trust (Family Trust)
A trust where a trustee has discretion over how income and assets are distributed among beneficiaries. Commonly used for tax planning and asset protection.
- Enduring Power of Attorney (EPOA)
A legal document that allows someone to make financial and legal decisions on your behalf if you become unable to do so.
- Estate
All assets, liabilities and financial interests a person owns at the time of their death.
- Estate Planning
The process of organising how your assets, superannuation and business interests will be managed and distributed during your lifetime and after death.
- Executor
The person responsible for carrying out the instructions in a will and managing the estate after someone passes away.
- Family Provision Claim
A legal claim made against an estate by someone who believes they were not adequately provided for in a will.
- Family Trust
A type of discretionary trust used to manage and distribute family wealth. It can provide flexibility, tax planning opportunities and asset protection benefits.
- Inheritance
Assets or wealth passed from one person to another, usually after death.
- Litigation
The process of taking legal action. In a business or personal context, this can create financial risk if assets are not properly protected.
- Self-Managed Super Fund (SMSF)
A private superannuation fund managed by its members. It offers more control but comes with greater responsibility and compliance requirements.
- Succession Planning
The process of planning how control of a business or assets will transfer to the next generation or new owners.
- Superannuation
Money saved for retirement in a regulated fund. It is not automatically covered by your will and requires separate planning.
- Testamentary Trust
A trust created through a will that comes into effect after death. It can help protect assets for beneficiaries and improve tax outcomes.
- Trustee
The person or entity responsible for managing a trust and making decisions in the best interests of the beneficiaries.
- Will
A legal document that outlines how your assets should be distributed after your death. It is only one part of a complete estate plan.