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Thanks Rand for that insider perspective. In McIntosh is the son did have a valid and binding BDBN to mum the super would never have hit the estate. Dad would have little option to challenge, except: 1. Look for defects in the BDBN - if not dated or wtinessed by 2p people etc it could be...

In my example of pulling the money out of super before death and saving tax the anti detriment tax savings would not be available to a beneficiary under a will unless that beneficiary was a dependant. So if the super death benefits end up being paid to the estate then there could still be a lot...

Its a minefield out there!

Hi Marg very good point. It could. Anti detriments is essentially a refund of the contributions tax paid. the member benefit can be increased to reflect the tax. Its a complex area.

Maybe I should point out that anyone diagnosed with a terminal illness has the opportunity to possibly withdraw their super early due to meeting a condition of release. This can be done tax free generally.

Yes. Super is taxed 3 different ways depending on what type of super it is and who the beneficiary is. Under the SIS Act the super benefits can only be paid to: A dependant, the estate Under the Tax Act the tax varies depending if they are a depenant non dependant to make it...

In this case (McIntosh v McIntosh [2014] QSC 99) there was a son who had died without a will and a surviving mum and dad who were long time separated. There was no will so mum applied to the courts to be appointed administrator of the estate. This meant she performed the role similar to that...

2 spouses with simple affairs should still consider well drafted wills. e.g. A and B with 2 children, c and d (lowercase because they are children). A dies B inherits. B then married X. X inherits most of B's assets, which were originally A's assets. X treats his step children nicely but...

Here is a simple example of some planning advice which could save hundreds of thousands: Elderly widow with $1mil in a SMSF. All children are adults and there is no spouse or tax dependants. Advice, set up an enduring POA which specifically gives the power for the attorney with withdraw...

Everyone thinks they know more than they do (incduding me) - look at the various threads here for evidence!

There is trust and then there is abiity. The solicitor who messed up a will with the directions to the SMSF trustee on death may have been honest, but he didnt know what he was doing. He was negligent in the preparation of that will. If the client died then the solicitor could be sued by the...

In that case put a reminder in google calender so you can get a prompt in year 3, Also consider putting a special clause in an enduring Power of Attorney to allow you attorney to renew the BDBN if you had capacity issues down the track.

In that case it is just a suggestion to the trustee. Not binding.

It depends... Does the fund allow BDBNs, does they lapse? Has your's lapsed? Firstly you will have to check that the nomination is binding. If it is not expressed as such then the trustee doesn't have to follow it. You must direct the trustee and not say "it is my wish..." or "i hope the...

Wow, excellent article and very interesting case. Everyone with a super balance should read it http://www.dbalawyers.com.au/smsf-strategy/mcintosh-v-mcintosh-2014-qsc-99-important-implications-smsf-succession-planning/

Yes, but this is the same with many things. Think doctors - you don't know if their advice is correct. That is why you may need a specialist. There is no way it could be otherwise. Nothing is black and white.

That would be the grant or the court authority for you to act. You then have to take control of all the accounts, pay the bills, do year of death and final tax returns and then a notice of intention to distribute estate - wait 30 days after then and then can distribute. Generally.

Oh yes, I often conflate industry funds with retail funds, but they are different.

In that case it would no longer be super, but cash with different consequences. If no will it would pass according to the intestacy rules. These vary from state to state and depend on the family situation. If you are entitled to part or all of the estate it will need to be administered by an...

Trustee must pay out as soon as possible. Is it being challenged?