Superannuation death benefits – review your succession plans

December 2019 Regardless of the size of your superannuation benefits, it is vital that you sort out your estate plans to ensure that you have a well prepared plan so that the right assets go to the right beneficiaries.  You need to make sure that you get holistic estate planning advice and have arrangements in…

Beyond the will: How to protect your beneficiaries?

July 2018 For Baby Boomers with diverse asset bases in their family home, superannuation and other investments, the question of how best to transfer and preserve wealth for the benefit of successive generations is a complex issue that is increasingly becoming more important. With the divorce rate amongst older Australians nearly doubling in the last…

Will my Will or testament deal with my SMSF on my death?

No! Your SMSF is excluded from your will and considered a completely separate part of your estate. The payment of benefits from an SMSF, including benefits paid upon death are contained in the rules of the SMSF trust deed. Where SMSF benefits are paid to the legal personal representative, they then become part of the…

SMSF Estate Planning under the new reforms

February 2018 From 1 July 2017, the introduction of the transfer balance cap (TBC) impacted the amount of capital that an individual could use to support an income stream in retirement phase. The TBC also applies to death benefit income streams and therefore changes the way we must think about estate planning. With the introduction…

Surviving the death of a member

October 2017 Introduction SMSFs provides you with additional control over your estate plans as compared to typical retail, industry and employer funds. This can be achieved in several ways. The common thread to each of the options is that it is the rules of the particular SMSF, set out in clauses of the trust deed…

Your SMSF health check – What happens when a member dies?

September 2017 The latest changes to the superannuation system, which took effect on 1 July 2017, and their effects on self managed super funds have been well documented. One area that hasn’t been as well publicised is what happens to your money upon death, with changes to death benefits potentially having the biggest impact of…

When life happens

October 2016 Your SMSF may see marriage or marriages, divorce, business success or failure, trustees ageing, death and good fortune or loss. What if your relationship with others in the fund changes? If your SMSF has more than one member, it’s a good idea to have a plan for what will happen if someone becomes ill,…