Estate planning is not just a ‘Will’. Superannuation proceeds after dying is dealt with by binding death benefit nominations. If you don’t have one in place, then that is dealt with under the trust deed. It may be simple for the trust deeds to deal with it if you don’t have a binding death benefit nomination in place, but it may be very difficult for them to work out what to do with it. 

Great advice in estate planning is, you need to be certain of this stuff and have these documents in place. Your estate planning costs such as your wills, estate planning, and all those fees associated with it can easily be thousands of dollars and you can pay that from your SMSF. We help our clients through this process ourselves and they regularly pay if they have an SMSF from their super fund to get this stuff done. 

It can be paid to the estate to be dealt with under the will. But it’s not guaranteed if you don’t have a binding death benefit nomination in place. 

If you’ve got an insurance policy worth hundreds of thousands of dollars or millions, then you die, that’s going to pay out. So, all of a sudden you could have heaps of money in super. You will probably not care too much if it’s you that’s gone, but if it’s someone else in your SMSF that this is happening to, then you’ve got to deal with it. A massive asset and no documentation to guide you, or give certainty around it. 

Everyone is going to need estate planning in place because one of the certainties in life is death.

Watch the full webinar, ‘Become an SMSF millionaire’ at  https://learning.benwalker.com/courses/SMSFmillionaireweb

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