A key benefit of having your super in a SMSF is that you can choose who ultimately benefits from particular assets within your fund when you die.
What is, and what is not, in your personal estate? This may sound like a academic question not worthy of a lot of thought. However, if you are in estate planning mode, it is critical that you answer this question correctly.
Just because you and your partner make ‘mirror Wills’ does not mean that your partner cannot change their Will (either before or after you die). Furthermore, your partner does not have an obligation to inform you if they do change their Will. Find out how to deal with these issues.
Your super doesn’t form part of your estate, and is not subject to the terms of your Will. It’s therefore critical to have in place appropriate arrangements to make sure your super ends up where you intend.
When you are separating for your spouse or partner, it’s easy to get bogged down in negotiations about your kids and dividing up your property. But don’t forget your estate planning – otherwise you may just end up leaving your former partner the biggest gift of them all.
The digital realm is truly the ‘Wild West’ when it comes to management and realisation after death.
What would happen if you lost mental capacity or died? While your physical life may be well provided for, chances are your digital life is seriously at risk.