Superannuation

MrBurns said:

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.

Click to expand...

bellenuit said:

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.

Click to expand...

MrBurns said:

If your beneficiaries are also the Trustees then no problem.

Click to expand...

Ves said:

What if they fight?

Click to expand...

MrBurns said:

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.

Click to expand...

McLovin said:

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.

Click to expand...