Many people now have more in their super funds (contributions together with insurance) than they own outside super. But if you die before you have used up all your super, there are specific rules about who is able to claim the balance remaining. You need to be sure that your super will go to the people who need it, not to the people which the super fund think should have it. There are tax consequences if the wrong decision is made, and super can be a valuable tool in ensuring that children from a prior relationship are not excluded from your estate plan. But you need specialist advice to make sure this valuable asset ends up where you intend it to go.
Everyone should have one – because none of us live forever. When the inevitable happens, you won’t be able to control who gets your hard earned wealth and possessions UNLESS you have a will, prepared by Summit Estate Planning, making sure that any chance of a challenge to your wishes is minimised, and that the people who inherit from you do not lose their inheritance through bad management, or claims against them.
Summit Estate Planning wills are tailored to you, and will include the level of protection you are seeking for your beneficiaries, and your assets.
This is the rule book for your guardian, recording your preferences, likes and dislikes, for your medical and end of life care, when you are no longer able to make your wishes known. This document, on its own, is not enough to give authority to your guardian to make decisions for you, but it is a useful guide once the guardian has been properly appointed.