A recent case in the Queensland Supreme Court has accepted an unsent text message as an official Will. Whilst this may seem highly unusual, it is a good reminder for all of us to ensure that our
affairs are in order, and the proper documentation is in place.
Did you know that a Will does not necessarily determine where your superannuation benefit will be paid in the event of your death?
The Trustees of a self-managed superannuation fund (SMSF) are actually bound by the Trust Deed and the legislation governing SMSF’s, rather than the wishes of the deceased as set out in their Will.
It is therefore prudent to ensure that the Trustees are informed in writing as to a member’s wishes as to how their death benefit will be paid. This can take the form of a Binding Death Benefit Nomination, provided that is allowed under the SMSF Trust Deed.
If you are unsure as to whether you have communicated your wishes to your SMSF as to how to pay your death benefit, you should consider getting some advice from a professional in this area.