News : Estate Planning

Documentation, Estate Planning, Trusts

Trustee death requires creative response

When the sole director of a corporate trustee dies, advisers will need to consider what options are available to allow the fund to be wound up.

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BDBNs, Estate Planning

Revised BDBNs must consider estate plan

binding death benefit nomination, BDBN, Cooper Grace Ward, Sarah Camm, Annual Adviser Conference, Brisbane,

Revisions to a BDBN must be made in reference to a member’s wider estate plan to prevent the nominations becoming confusing or conflicting with a will.

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Estate Planning, Superannuation

Intestacy may block super benefits

The lack of a will may require someone administering an estate to make their own application for super benefits given the direction of recent case outcomes.

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Estate Planning, SMSF

Conflict protection on death essential

Will Conflict Power of attorney Self-benefit authority deed Executor SMSF Self-managed superannuation

Practitioners must put in place protections to deal with conflict when taking on certain roles when an SMSF member passes away.

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Compliance, Estate Planning, financial advice

Estate planning commitment needed

Estate planning BDBN Binding death benefit nomination SMSF Self-managed superannuation Accurium View Legal

If accountants and advisers are looking to provide estate planning services, they must be unwavering in their efforts to do so to mitigate legal risk.

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Estate Planning

Estate planning gap needs filling

Estate planning View Legal Matthew Burgess SMSF Specialist advice

An opportunity exists for accountants and advisers to fill a role currently missing in the process of formulating and executing an estate plan.

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BDBNs, Estate Planning, SMSF

BDBN execution hinges on witness process

BDBN Binding death benefit nomination Executor Will In the matter of Gainer Associates Pty Ltd Estate planning

A recent NSW Supreme Court case has underscored the estate planning risks associated with not properly executing a binding death benefit nomination tied to an SMSF.

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Estate Planning

Strategy key to post-death control

SMSF Self-managed superannuation Smarter SMSF Tim Miller legal personal representative appointment

Careful planning is essential to maintain control of an SMSF after a member’s death as appointing a legal personal representative can be complex.

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Death benefits, Estate Planning

Deed must allow executor appointments

Knowledge Shop Jason Hurst SMSF trust deed Executor Self-managed superannuation Death benefits SIS Act

SMSF trustees who want their executor to act for them inside their fund must ensure the deed allows that appointment as the law will not force that action.

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Estate Planning

State laws can compromise EPOAs

Enduring power of attorney EPOA SMSF Self-managed superannuation View Legal Matthew Burgess

Differences in the legislation of each Australian state can significantly impact the effectiveness of an EPOA an SMSF has in place.

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