of de Groots Lawyers.
your will, but as
continued to grow in number despite, or
perhaps because of, the global financial crisis.
The people establishing these funds clearly
want to take control of their finances and
would like that control to extend to whoever
receives any balance remaining after they die.
Superannuation Industry (Supervision) Act
1993 and related legislation and regulations.
Many people are unaware that they cannot
validly nominate a friend, a charity or any
person who is not a `dependant' or their
estate to receive their superannuation. In our
experience, superannuation is increasingly
becoming an asset that attracts the attention
of disappointed people who expected to be
beneficiaries of a substantial member balance.
same as their siblings by a parent or, more
annoyingly, by a third-party professional
super-fund trustee.
SMSF trustee. If there is no valid binding
nomination in place, the bad news for the
other siblings is that unless a will directs that
adjustments be made for superannuation
payments, the executor can pay the super to
themselves with impunity.
area. For more than a century, freedom of
testation in Australia has been restricted
by legislation that allows a broad range of
people to challenge one's will. Ignoring the
reality of potential claims can put the person
managing an estate under terrible stress and
financial pressure, as they are the person
disappointed parties will sue.
nominations are in place and up to date
(they usually lapse every three years).
Regulation 6.17A sets out in detail which
requirements must be included in the