Introduction

Most of us work hard to save for our retirement, and thanks to tax concessions and compulsory contributions, superannuation often forms a large part of retirement savings. But it's essential to understand who controls where your super goes if you pass away and how to ensure your loved ones receive the inheritance you want them to have in the most effective way.

It's a common misconception that you can include your superannuation as part of your Will. However, this is not the case, and you need to take action before you pass away to make it possible.

Here are a few key things you need to consider if you want to keep control of your superannuation benefits.

Introduction

More than 1.1 million Australians manage their superannuation via a self-managed superannuation fund (SMSF) structure. Many are motivated by the desire to have control over their own money, the potentially lower costs, or the option to make investments that aren’t available to members of public offer funds. Whatever the reason, if you are a trustee of a SMSF, have you stopped to ask yourself, “Who will look after my super if I can’t?”

Members of SMSFs tend to be older than the population as a whole. While we are living longer and healthier lives, many people will reach the stage where they are no longer able to properly look after their financial affairs. Due to the high regulatory requirements controlling SMSFs, the penalties for not managing your fund correctly may be substantial. So what are the options?

Introduction

If you are planning to join the hundreds of thousands of Australians who have Self-Managed Super Funds, one of the critical areas to address in the setting up phase is how your super will be handled when you’re no longer here. We have outlined below some points that must be part of your estate planning and managing your SMSF.

Introduction

Most people are familiar with the idea of leaving the house, the boat or the stamp collection to someone in (or sometimes outside of) their family through their will. But what about superannuation – what happens when you die and how can you make sure that people aren’t unreasonably disappointed?

Introduction

Who decides what happens to your superannuation savings when you die? You may think that you do, but that isn’t always the case. The ultimate decision may be made by someone you don’t even know – the trustee of your superannuation fund.

Let’s look at how you can have greater control.