"Trust the Process: Testamentary Trusts with Michael Cowley"

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Legacy Lessons

Mark Westcott, Rural Succession Solutions

12 episodes

1 week ago

Legacy Lessons is a podcast where we share real stories from rural families who’ve faced the consequences of not having their estate and succession plans sorted. Through these cautionary tales, we highlight the dangers, pitfalls, and costly mistakes that can occur when families don’t engage specialists to guide them. Tune in to learn how to protect your legacy, avoid family conflict, and ensure your farm and business transition smoothly to the next generation. Don’t wait for disaster—get the facts and insights you need now.

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"Trust the Process: Testamentary Trusts with Michael Cowley"

Legacy Lessons

29 minutes 5 seconds

4 months ago

"Trust the Process: Testamentary Trusts with Michael Cowley"

🎙️ Legacy Lessons | Episode: "Trust the Process: Testamentary Trusts with Michael Cowley"

When it comes to protecting the family legacy, few tools are as misunderstood—and as powerful—as testamentary trusts.

In this episode of Legacy Lessons, Mark Westcott sits down with Michael Cowley, a respected solicitor and partner at Fox and Thomas, to unpack exactly how testamentary trusts work, and why they’re becoming essential in modern estate and succession planning—especially for rural Australian families.

Whether you’re a grazier, farmer, or rural business owner, this conversation is a must-listen. Michael brings over two decades of experience in helping families legally structure their estates to avoid unnecessary tax, protect assets, and ensure long-term peace of mind.

🎧 In this episode, we cover:

What exactly is a testamentary trust, and how does it differ from a standard will?
How trusts can provide iron-clad asset protection for future generations.
Why testamentary trusts can help keep farms in the family, shield against relationship breakdowns, and reduce the risk of external claims.
Common myths and mistakes families make when ignoring this crucial tool.
Real-life scenarios where a trust made all the difference in preserving a legacy.

This episode is full of practical wisdom for rural mums and dads who want to do the right thing by their kids—especially when the stakes are high and the family business or farm is involved.

🛡️ If you’ve ever thought: “We just want things to be fair” or “We don’t want the kids fighting when we’re gone,” this episode is for you.

📍 Hosted by Mark Westcott of Rural Succession Solutions, “Legacy Lessons” is the go-to podcast for rural Australian families looking to take control of their estate and succession plans, create harmony, and leave a lasting legacy.

Listen now and start protecting what matters most.