Scroll for more

down-arrow-icon
Self Managed Super Funds SMSF Estate Planning Lawyer Brisbane Queensland

Self Managed Super Funds and Estate Planning

The value of Self Managed Super Funds as an effective estate planning tool is sometimes overlooked, or not properly considered when people are establishing Self Managed Superannuation Funds.

Noel Whittaker wrote a very insightful article in The Sunday Mail on 20 February 2011 highlighting some of the complexities and pitfalls in setting up a Self Managed Superannuation Fund.

Consistent with Noel’s train of thought, a self managed superannuation fund should not be set up purely as an estate planning tool. However, through a Binding Death Nomination, superannuation can assist in achieving your estate planning goals. A properly constructed Binding Death Nomination will ensure that the superannuation entitlements of a deceased person pass directly to the person nominated in that Binding Death Nomination, and do not form part of the estate. Assets that form part of the estate are vulnerable to claims being made against the estate by creditors and disgruntled beneficiaries. Bypassing the asset pool of the estate effectively quarantines the superannuation entitlements of that deceased person.

Whittaker emphasises the importance of obtaining advice before a self managed superannuation fund is established. Similarly, professional advice should be obtained before a Binding Death Nomination is entered into, so that a full understanding is obtained.

If you have any questions regarding Self Managed Super Funds (SMSF) and estate planning, please don’t hesitate to contact me.

Share to your network

The information provided in this article is for general information and educative purposes in summary form on legal topics which is current at the time it is published. The content does not constitute legal advice or recommendations and should not be relied upon as such. Whilst every care has been taken in the preparation of this article, Wills, Estates and Probate Lawyers (WEP Lawyers) cannot accept responsibility for any errors, including those caused by negligence, in the material. We make no representations, statements or warranties about the accuracy or completeness of the information and you should not rely on it. You are advised to make your own independent inquiries regarding the accuracy of any information provided on this website. WEP Lawyers does not guarantee, and accepts no legal responsibility whatsoever arising from or in connection to the accuracy, reliability, currency, correctness or completeness of any material contained in this article. Links to third party websites or articles does not constitute any endorsement or approval of those sites or the owners of those sites. Nothing in this article should be construed as granting any licence or right for you to use that content. You should consult the third party’s terms and conditions of use in relation to any third-party content. WEP Lawyers disclaims all responsibility and all liability (including liability for negligence) for all expenses, losses, damages and costs you might incur as a result of the information being inaccurate or incomplete in any way. Appropriate legal advice should always be obtained in actual situations.

Subscribe to our Newsletter

Subscribe to our newsletter to get updates on everything Wills, Estates and Probate.

Chloe Kopilovic

Written by—

Chloe Kopilovic

Call 07 3035 4077 to speak with our team now