November 3, 2020 Julie Hyslop

FAMILY TREE RESEARCH PROVIDING LESSONS OF THE PAST

Today, researching our family tree has become a popular past time, especially in retirement powerful new software is allowing people to ‘dig for gold’ among the many branches of their past relations and tracking many untold stories that often commenced in far off places on the other side of the world. As new ‘branches’ of their tree are explored, and new stories reveal themselves it is not uncommon to discover that many families had wealth and assets that somehow failed to pass down to future generations. Individuals amid researching their family tree often wonder why? How did this happen? And while the reasons for this failure to transfer assets down the generations may be varied it can provide us today with the motivation to ensure that the lessons of the past are learnt, and that in many years to come our future relations are not left wondering why we did not correctly plan for the transfer of assets between generations.

In the past, the most common problem was that there was no clear financial structure in place for people to follow, it relied on those inheriting assets and wealth to apply their own, often ad-hoc investment strategy. Today we are fortunate that individuals have the power to correctly transfer asset and wealth through a number of legal vehicles, one of which is a Testamentary Discretionary Trust. Broadly speaking this structure allows for all wealth and assets to be held in a Trust which will provide your family members or nominated beneficiaries with an income stream from the assets that are held in the Trust. This structure not only provides an income stream for your nominated beneficiaries it provides a structure that can be kept in place for future generations too. You are not only providing a heritance you are providing a financial ‘road map’ your beneficiaries can choose to follow and pass on to their own beneficiaries.

The road map provided by the setting up of a Testamentary Trust can be an important tool that allows generations to navigate a financial pathway that leads to the transfer of wealth through generations. In fact, here at Income Solutions we are seen firsthand how people have benefited when their family members set up a sound financial structure that allows the beneficiaries to have peace of mind, knowing that while they are grieving the death of a parent and loved one they do not have the stress of trying to make often complex financial decisions during this time, the road map their parents have left behind for them to follow is sound and will serve them well into the future!

Obviously, there are a variety of different legal and financial structures to ensure the transfer of wealth between generations that may or may not suit you according to your own individual and unique circumstances, but what we can learn from previous generations and what those that research their family trees have had insight into, is that those who simply leave wealth through a standard will to individuals that provides no clear financial structure or pathway for beneficiaries risk that the wealth and asset ‘branch’ of their family tree will be lopped off.

At Income Solutions we are passionate and committed to ensuring your wealth and assets never go missing off your family tree and provide a continuous and worry-free income stream into the future for your beneficiaries. Please contact us at contactus@incomesolutions.com.au to speak to an advisor and access the many tools and advice available to start planning for or reviewing intergeneration wealth creation.

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