Estate planning for your SMSF

Have you thought about what will happen to your superfund monies in the event of your death?

Have you considered completing or updating your SMSF’s Binding Death Nomination (BDN)?

This is a document that you complete, in conjunction with your overall estate planning and seeking legal advice, that specifies who you nominate to inherit your superannuation member balance in the event of your death.

If you have more complex affairs, such as specific assets within your superannuation fund that you wish to be inherited by a particular person or you may wish to nominate more

than one person to superannuation a BDN may not you and you may need to consider preparing a SMSF Will which is similar to a normal Will but deals with only the assets that are held by your superannuation fund.

In any event you need to seek professional legal advice and you should also ask about any tax consequences of leaving superannuation monies to non- dependants.