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Why Estate planning is part of an adviser's best interest duty?

A financial adviser providing personal advice, is required to act in the best interest of their client ( best interest duty- RG 175)

Why Estate planning is part of an adviser's best interest duty?

A financial adviser providing personal advice, is required to act in the best interest of their client ( best interest duty- RG 175). The duty and the safe harbour steps apply broadly and holistically when a financial adviser provides advice. Step 8 requires an adviser to “take any other step..that would reasonably be regarded in the best interests of the client, given the client’s circumstances” This arguably includes managing the clients estate planning needs.


The best interest duty, includes a parallel common law duty, that could mean that advisers may be liable for not properly addressing a client’s estate planning circumstances, particularly if they have long standing relationships with their clients and their families. Under the law, professional negligence acts not only includes “acts of commission” but also “acts of omission”. A failure to address your client’s estate planning needs could constitute a breach of your duty of care.


Clients with blended families, families in conflict or non estate assets such as SMSFs need more than a Will service but an estate plan. Inherit Australia’s estate planning facilitation solution helps you manage all of a client’s estate planning needs and to position you as the lead advisor of all of their affairs, during their life and on death.

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Made in Mornington /  Victoria

Inherit Australia is located on the picturesque Mornington Peninsula, just an hour's drive south of Melbourne. Our local team, boasting over 50 years of combined experience in legal and technology, is committed to addressing the complex challenges of estate planning. From Power of Attorney documents to comprehensive estate plans, we cater to a diverse clientele, including retail customers, financial advisers, and legal professionals. Our proprietary software and data, proudly 100% Australian-owned, designed, and hosted, underscore our commitment to delivering secure and tailored estate planning solutions.

At Inherit Australia, we understand that your information is sensitive. In order to setup your account we need to verify your email address to ensure your identity. This will allow you to access your data in the future and communicate with us from a verified email address or Google account.

Further, our software platform that gathers your information maintains the highest data security and privacy standards that have been approved by Xero in line with the ATO data security guidelines. All data transactions occur over a secure transit layer (SSL). Our data is stored at Microsoft Azure Australian-based data centre (Port Melbourne) that carries the following internal data security controls and Data centre certificates: ISO 27001, ISO 27018, SOC 1, SOC 2, SOC3, FedRAMP, HITRUST, MTCS, IRAP and ENS.

Your sensitive data is also encrypted at the application layer using a random key and seed generated exclusively for your Life Vault. The keys and seeds are stored in corporate-grade key storage hosted separately from your data and maintained by Microsoft Azure.


Address: 22A Milgate Drive Mornington VIC 3931 Australia.

Phone:    (+61) 3 5976 6565

© 2018-2024 Inherit.legal Pty Ltd ACN 649 488 808, trading as Inherit Australia. All rights reserved

Address: 22A Milgate Drive Mornington VIC 3931 Australia.

Phone: (+61) 3 5976 6565

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