Superannuation is fast becoming the most valuable asset held by many Australians and it is a fundamental consideration when preparing your estate plan.
A common misconception is that your superannuation benefit will pass to your beneficiaries in accordance with the terms of your will. However, this is only the case is you have put in place a binding death benefit nomination (BDBN), which directs the trustee of your fund or funds to pay the benefit to your legal personal representative under your will.
In circumstances where it is likely that your will could be challenged by a disgruntled or disinherited beneficiary, a BDBN can be used to transfer assets directly to your intended beneficiaries and these assets will not form part of your estate.
In the event that you have not implemented a BDBN, the distribution of your benefit is at the discretion of the trustee of the fund and will be distributed in accordance with the super fund’s policies.
Advantages of a BDBN
The key benefits of a BDBN are:
It can be used to avoid or limit the impact of a family provision claim on your intended beneficiaries
It provides certainty as to who receives the benefit rather than leaving it up to the trustee of the fund
The finalisation of your estate is streamlined by removing the decision-making process from the trustee of the fund
We offer a cost-free 40 minute initial consultation to discuss your estate planning requirements, review your current documents and make recommendations that are tailored to your personal situation.
Contact Jim Wilson now to take advantage of our cost-free consultation.
Can’t make it into the office? We are flexible and can make other arrangements that suit you.
Jim can be contacted on:
Direct line: 07 5536 3055 ext 4
Office line: 07 5536 3055 ext 1
Cost Free Initial Consultation
If you are interested in knowing more about how we might be able to assist you, please call 07 5536 3055 to make a cost free initial, 40 minute consultation with our Principal, Mr Jim Wilson.