As we age, protecting our financial assets and securing our financial future becomes paramount. From protecting your home to managing large assets, having a clear plan provides peace of mind – not only for yourself, but also for your family’s future.
This guide outlines the practical and legal steps Australian seniors can take to protect their financial assets. It’s designed specifically for those beginning to think more seriously about estate planning and those already reviewing their financial arrangements.
Why Asset Protection Matters as You Age
For many Australians, the family home is one of the most significant financial assets. Add in superannuation, investments, and personal savings, and the stakes become even higher.
Without a clear plan, these assets can become vulnerable, whether through financial abuse, poor management, or simply not having someone you can trust to act on your behalf. By taking proactive steps now, you can retain control and make sure your wishes are respected in the future.
Review Ownership of Your Major Assets
Start by reviewing the ownership of your major assets, especially your family home. If your name is on the title, confirm that it’s recorded correctly with the relevant state or territory land registry. For example, in Queensland, this would be through the Queensland Titles Registry.
Check that any co-ownership or joint tenancy agreements are current and reflect your wishes. For assets held in trusts or jointly with family members, it’s important to keep documentation updated and stored securely. Your will should also clearly reflect your intentions for asset distribution.
Appoint a Trusted Person to Act When You Can’t
An Enduring Power of Attorney (EPOA) also known as a ‘Living Will’, allows you to legally nominate someone you trust to manage your finances, property, or personal affairs if you become unable to make decisions yourself. This could be due to illness, injury, or declining cognitive function.
Unlike a general power of attorney, which only applies while you still have decision-making capacity, an EPOA continues to operate if you lose capacity. Each state has its own legal requirements. In Queensland, EPOAs are governed by the Powers of Attorney Act 1998. You can access the official Queensland Government guidelines here, or refer to the NSW Trustee & Guardian if you reside in New South Wales.
You can also appoint one or more attorneys and outline clear instructions or limits on what they can do – giving you greater control and peace of mind. If you’re unsure about appointing just one person, choosing multiple attorneys or limiting their authority can also provide an extra level of reassurance.
Ensure Your Wishes Are Honoured With a Valid Will
Having a valid, up-to-date will ensures your estate is distributed according to your wishes. Without one, your assets could be divided in ways that don’t align with your intentions.
For further protection, consider a living will (or Advance Care Directive). This allows you to outline preferences for your medical care, which can indirectly impact financial investment decisions if ongoing treatment or accommodation costs arise.
How to Establish a Valid Will in Australia
To create a legally valid Will in Australia, you must be over 18 and have full mental capacity at the time of writing. The Will must be in writing, signed by you, and witnessed by two people who are not beneficiaries. While you can write your own Will, it’s often best to seek legal guidance to avoid errors or disputes later. Each state and territory has its own rules, so it’s a good idea to refer to your local public trustee service or a solicitor to ensure everything is compliant and clearly worded.
Reduce the Risk of Financial Abuse and Exploitation
Older Australians are sometimes targeted for financial abuse. It can take many forms, from pressure to sign documents to unauthorised access to bank accounts.
Protect yourself by:
- Keeping your banking and investment records private
- Setting up alerts for large transactions
- Speaking to your financial advisor before making big decisions
- Calling the Elder Abuse Helpline if anything feels off
Staying proactive can help preserve both your independence and your finances.
Protect Your Super and Decide Who Receives It
Superannuation is a key asset for many Australians, but it doesn’t automatically form part of your estate. To ensure it goes to the right person, you’ll need to complete a binding death benefit nomination with your super fund.
Check whether yours is still valid. Unless stated otherwise, it usually expires every three years. Make sure it aligns with your broader estate planning strategy.
Secure Your Future & Support Your Loved Ones with the Right Plan
Protecting your financial assets isn’t just about money – it’s about preserving your control, dignity, and peace of mind as you age. By taking action now, you can safeguard your legacy and lighten the load for those you care about most, giving them a clear plan and the confidence to honour your wishes without uncertainty.
Creating a financial folder helps your family or executor manage your affairs smoothly if something happens. It should include:
- Your Will and Enduring Power of Attorney
- Contact details for your financial and legal advisors
- Bank and super account information
- Insurance policies and investment summaries
- Preferred funeral arrangements
This small step now can prevent a lot of stress later on.
Speak with an Expert for Guidance That’s Tailored to You
Every person’s financial situation is different, and there’s no one-size-fits-all approach. Speaking with a financial advisor can help you:
- Understand how your financial assets and estate planning documents work together to ensure your wishes are clearly reflected and supported
- Set up enduring documents and legal safeguards
- Create a tailored investment and estate plan that reflects your goals
At Super Network, we’re here to support you with expert financial insight that helps you feel secure and prepared. Contact us to discuss how we can help protect your financial future.
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