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