Superannuation

[MrBurns]

Just saw my neighbour who was on his way to his lawyers to get some documents drawn up ,not sure exactly what, apparently he discovered you cannot legitimately include you Super in your will otherwise.
Anyone know about this ?

He will fill me in later but thought I'd bring it up in here in case it effects your good selves.

 

[McLovin]

Binding death nomination.

 

[bellenuit]

Just saw my neighbour who was on his way to his lawyers to get some documents drawn up ,not sure exactly what, apparently he discovered you cannot legitimately include you Super in your will otherwise.
Anyone know about this ?

He will fill me in later but thought I'd bring it up in here in case it effects your good selves.

I don't know if SMSFs are different, but for my super with an industry fund I had to nominate the beneficiaries in the event of my death. When I had my will drawn up, the lawyer didn't ask about super. So I assume the beneficiaries declaration for your super is deemed to be "your will" in respect to that asset.

 

[McLovin]

I don't know if SMSFs are different, but for my super with an industry fund I had to nominate the beneficiaries in the event of my death. When I had my will drawn up, the lawyer didn't ask about super. So I assume the beneficiaries declaration for your super is deemed to be "your will" in respect to that asset.

It's the same for SMSF's, otherwise your super assets can be distributed as the trustee sees fit.

http://www.esuperfund.com.au/education/strategies/protectfamily/deathnomination.aspx

 

[MrBurns]

Ok this is only a problem if your Trustee is an organisation separate from you and your family.

If your beneficiaries are also the Trustees then no problem.

 

[Ves]

If your beneficiaries are also the Trustees then no problem.

What if they fight?

 

[MrBurns]

What if they fight?

Depends who they are if it's your kids they just divide it equally.

 

[McLovin]

Ok this is only a problem if your Trustee is an organisation separate from you and your family.

If your beneficiaries are also the Trustees then no problem.

Yes, but.

a) Corporate trustee, family of four, the kids and parents are members of the SMSF and also (as required by law) directors of the trustee company. You die and want your super to go to your wife (but have no BDN), as there are three directors remaining the two kids can agree to split your assets between the two of them and cut your wife out. Nothing illegal about that, wife ends up with nothing.

b) Wife doesn't want kids to what you had intended to leave to them. She is the appointer of the SMSF, sacks the trustee and installs herself as trustee and then enriches herself. Again, no law broken.

Trusts are pretty complex legal arrangements. I'd always ask an expert but make sure you understand them yourself, don't rely on others.

 

[MrBurns]

Yes, but.

a) Corporate trustee, family of four, the kids and parents are members of the SMSF and also (as required by law) directors of the trustee company. You die and want your super to go to your wife (but have no BDN), as there are three directors remaining the two kids can agree to split your assets between the two of them and cut your wife out. Nothing illegal about that, wife ends up with nothing.

b) Wife doesn't want kids to what you had intended to leave to them. She is the appointer of the SMSF, sacks the trustee and installs herself as trustee and then enriches herself. Again, no law broken.

Trusts are pretty complex legal arrangements. I'd always ask an expert but make sure you understand them yourself, don't rely on others.

Divorced and staying that way

 

[divs4ever]

The Retirement Age is Too Low! Says Larry Fink

The Retirement Age is Too Low! Says Larry Fink

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