I have already sorted out my superannuation

I hear this a lot, in fact the majority of my clients tell me this. A few years ago I started collecting everyone’s documents partly to audit all their assets and partly to make life easier for their love ones (by keeping copies of the documents with the Will). You know what I discovered? Most of those people who told me they had already sorted out their superannuation actually hadn’t.

But I had already taken care of that?

There are two problems here, the first is that the person at the superannuation company probably told you the wrong thing, and the second is that they probably don’t understand the legal implications of binding vs non binding declarations.

Many superannuation companies tell you that you have already completed your nomination and when you get your super statements there is your beneficiaries name, clear as day. Simple, right?

Not simple

In NSW if the nomination is more than three years old then it is not binding, in short it is not possible to have a permanent and binding nomination in NSW. Even if the superannuation company considers it to be binding on them, there are external bodies (like the Superannuation Complaints Tribunal or the Supreme Court) that may over rule your superannuation company.

Additionally, even if the Trustees do eventually do what you wanted they may first subject all of your family and potential beneficiaries to a process where they are asked who should get what money, and how much do you think you should get? That process is quite upsetting, literally asking your loved ones to measure themselves against the others, and it is infuriating when most experienced Estate lawyers could predict who the Trustees are going to give that money to. Your family has been put through this stress because the declaration was non binding, if the declaration was binding then no one is asked whether they think they are worth more than someone else.

Let me figure it out

I often say to my clients, don’t buy a dog and bark yourself. I am collecting all your financial information anyway, because asking someone to help you without giving you the ability to help you (by making your financial documents available to them) is pointless. So I will be collecting a copy of all your relevant financial documents to keep on file for your Executor and Attorney. While I am there, I will check your super statements.

Let me figure it out. That is my job.

Let me help you sort it all out

I have written my book and created my system for my clients because I have seen, time and time again, how hard it is for Executors to do their job, and I have also learned over the last twenty years that well drafted impressive legal language does not make your Estate Plan better or more relevant. Making sure that you plan matches your actual circumstances is the most important thing, or perhaps the second most important thing after choosing the right Executor and Attorney.

Call me for a free 15 minute telephone call and find out how I can help, what the process is and how much that will cost. You can call me on 0421 887 571, or if you are reading this at 11pm at night, or on a train on the way home from work, or one of your minions is making conversation impossible, you can book a call with me for a more suitable time.