#1. Benefits of a corporate trustee
Corporate trustees are companies created to manage a trust on behalf of the beneficiaries.
The assets of the trust must be registered in the name of the company.
You may opt for a corporate trustee to manage your family trust because it offers more flexibility for estate planning, tax benefits and limited liability.
The term “social media” can be used to describe the content that makes up your social media presence ranging from images, photos, posts, blogs, comments, interaction, and any user-generated content with which you are associated (ie tagged).
When you die, your profile on platforms such as Instagram, Facebook, Twitter, and other social media sites remains part of your digital legacy, and often becomes a place where people go to memorialise their loved ones.
When it comes to securing your digital assets, we recommend that you follow our best practices to ensure that you and yours are better protected against potential brute force attacks.
We routinely recommend that everybody uses a Password Manager like LastPass to help secure your online and electronic files and accounts.
LastPass is the password manager we recommend. * disclosure – this is an affiliate link, which means that if you decide to purchase a LastPass subscription you’ll get the best price available.
A cautionary tale.
The ground suddenly shifted beneath my feet. My brother was calling from the hospital emergency room. Our mother had fallen. She’s in pain, and the doctor says the x-ray shows a fracture. The doctor wants to talk to me.
“Your mother,” the doctor tells me, “has broken the top of the thigh bone that joins the hip.”
Baby Boomers are retiring in record numbers, and seniors need to know how to best plan for both themselves and their loved ones.
There are definitely some sure-fire approaches to take – as well as some serious pitfalls to avoid.
1. Put Your Affairs In Order
The first step to putting your affairs in order is to take specialist advice: a lawyer who specialises in estate planning; a financial planner who specialises in retirement planning’ an accountant who specialises in tax planning.
Protecting your digital assets – your electronic and online accounts and data – has never been more important.
In 2023 Australia, our digital security laws are about to be reformed following multiple major Australian data breaches.
Over a six-month period in late 2022, Australia suffered multiple major data breaches that each affected 1 million or more people, according to the latest statistics by the Office of the Australian Information Commissioner (OAIC).
As our lives increasingly move to online digital platforms, it is becoming more important to help your executor access your “digital assets” after you die.
Digital assets include social media accounts, shopping accounts, bank or investment account details, entertainment collections, gambling accounts, and the like.
In 2020 the NSW Law Reform Commission released its report*, which found that 92% of people do not include details with their Will.
In our digital‑first world, where Google has replaced the telephone directory and business cards have been supplanted by LinkedIn, our online digital profiles are the first impression we give to the world and the primary source of information that others will use to research us.
Our digital profile plays a huge role in both online and offline reputation, privacy and security management.
We need to focus on our digital profiles through the lens of our true audience, whether that be family members, prospective employers.
Even as the pandemic winds down, it continues to influence where and how we work, with more time spent online, you and your digital credentials are at risk now more than ever.
The COVID-19 pandemic disrupted the home lives and workplaces of millions worldwide. Offices closed, people transitioned to working remotely and shopping online, and families bunkered-down at home.
With nowhere to go, they spent more time online. That isn’t likely to change anytime soon, even if some offices re-open.
In October 2022 (which ironically was ‘cybersecurity awareness month’), Australia experienced several major cybersecurity breaches (“hacks”), including Medibank and its subsidiary AHM, Optus, Woolworths and electricity provider Energy Australia.
Many other Australian and foreign companies – large and small – are all now among the household names that have fallen victim to a data breach.