Displaying items by tag: mistakes to avoid

The Cinderella like tale of Munro v Munro and how a simple preventable mistake, broke the hearts of his two daughters

To really understand this real-life story, to need to understand two simple legal facts about self-managed super funds:

  • The trustee of an SMSF has discretion who to give the balance of your SMSF account to when you pass away.
  • To remove this discretion and ‘bind the decision of the trustee to follow your instructions’, you need to sign a legally recognised Binding Nomination Form, making your wishes clear and override the discretion of the trustee.

Sounds simple enough, right?

Published in Blog

Who's your super beneficiary?

With superannuation now becoming a compulsory part of life, many people soon find they have significant amounts in their super growing at 9.5% per year - the minimum compulsory amount all employers are required to withhold from your income and deposit into your super account, for your retirement.

In reality, if you passed away today, the value of your super account could be significantly higher because of a ‘hidden’ life insurance component.

Published in Blog
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