Estate planning Succession Superannuation

Superannuation and estate planning

Source: The Tax Specialist Journal Article

Published Date: 1 Jul 2019


Superannuation and its link with estate planning has taken a big step forward since the 2017 superannuation reforms and the increase in the number of cases being contested before the courts and tribunals. Superannuation provides a useful vehicle as part of the management of a client's estate planning, but it is not exhaustive due to the limits imposed by the introduction of the transfer balance cap and the value of death benefits that can be retained in superannuation. It is essential that an adviser understands how death benefits can be retained in superannuation and who is eligible to receive lump sums and pensions. The validity of death benefit nominations, provisions of the fund's trust deed, and the last will and testament of the deceased are material to making sure that the right amount is paid to the right person at the right time. This article covers the superannuation side of estate planning, and discusses who is eligible to receive death benefit payments and the issues with a member's transfer balance cap.

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Estate planning Succession Superannuation 2019

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