We like to think of superannuation as our money, but we don’t technically own it: it’s held by a super fund on our behalf. Our will covers everything we own when we pass away, but if a super fund is holding assets for us when we die, the trustees of the super fund decide what happens to the super. It will only be covered by the will if the super fund trustees decide to pay it into the estate, and not directly to a person or people.
Most funds allow you to nominate who you want to receive the super when you die, but unless that nomination is binding the trustees can decide to pay the super to someone else. Most nominations are not binding.
We can advise you how to put a Binding Death Benefit Nomination in place, and how to ensure your super and your estate work hand-in-glove to achieve the outcome you want.
If you have specific plans for your super, for example to pay off a mortgage, we can help make this happen.
Self-managed superannuation funds (SMSFs)
Many SMSFs are set up to maximise financial advantages without giving enough thought to what should happen if a member dies or loses capacity. We can work with your financial advisor to ensure your SMSF has the safeguards needed to protect you and your family.
The great power given to the trustee of a SMSF means it is very important to ensure control of the fund doesn’t fall into the wrong hands. We know how to set up (or alter) your SMSF to guard against greed and opportunism.
Whether your fund has been operating for many years, or whether you are thinking about setting one up, Treloar & Treloar can cast an eye over the fund so you can be confident all is in order.