Simply put, you can nominate in writing who you want to receive any future payout with a Beneficiary Nomination or Binding Death Nomination (depending upon what you choose).
Lots of things need to be moved around to make room for a new life - from furniture, family sleeping patterns and even moving some of your insurances currently held in your super.
To really understand this real-life story, to need to understand two simple legal facts about self-managed super funds:
Sounds simple enough, right?
But then to make matters worse comes retrospective investment property land tax (thankyou OSR), slow debtors, perhaps a sickness or accident forcing time off work, supporting frail aged parents with declining health or maybe a family law court financial settlement after a relationship change. Financial life is complicated.
I realised it was time to begin to explain where money comes from, after all, it's up to the adults in the lives of children to model helpful behaviours as our children begin their journey of understanding money.
"No, not that talk... the other big talk."
After 17 years working as a financial adviser, you get to see patterns in people's actions and, more importantly, their questions.
The number one question I get asked by parents of all ages is,
‘How can I help my kids get ahead in life?’
Nothing starts a heated conversation between mates at a BBQ quicker than a question about superannuation and whether you should be allowed to get access to it before you retire.
The government's stated purpose behind our national compulsory super savings plan is to provide people income in retirement to substitute (or supplement) the Age Pension. This is known as the sole purpose test.
This is especially important if your life insurance is owned by your super fund because there are additional rules you need to understand. If you don't, then you'll leave a whole lot of unnecessary pain and problems for your survivors.
Finally Sorted is the estate planning division of Sapience Financial specialising.
For most of our risk insurance clients, getting their Estate Planning sorted is a natural next step so they can then cross-reference those important details into their estate plan documents too.
00:00 - 03:52
Driving a car is probably a big part of your life right?
It doesn't take long before we've all seen a few close calls, or maybe even an accident.
Nobody plans to be in an accident they're just a part of modern life in cars, so keeping our family as safe as possible on the roads is important to all of us.
Thankfully, today's cars have a range of safety features installed. Modern cars even have multiple airbags ready to protect its occupants in case of a serious accident.
Now while you might not see them, knowing they're there in case of emergency, helps you feel safe, so you're free to enjoy the drive.
Well, just like safe driving, in our personal lives we all have to plan ahead to prevent problems.
These days modern life brings new problems that usually can only be solved with modern day solutions.
Modern Estate Planning is like the safety bags in your car, but for your life.
00:00 - 06:48
Some questions in life are really hard to answer, because the correct answer is different, depending upon who you ask.
What's right for you in your situation, might not be right for someone else in their situation.
The especially tricky questions in life usually have emotional and financial consequences like the question, 'how much life insurance is enough?'
So how much is enough?
Well, the short answer is, 'it depends upon how much living you have to do'.
Making the world a better place for you and your family starts with looking after yourself and having a plan in place to manage the normal risks of life. Managing deaths, family obligations and protecting assets.
So you insure your house, probably insure your car, maybe even your iPhone for replacement value. But when it comes to measuring the value of a human life, you can't, it's priceless.
But what it can achieve is worth protecting.