AlsoSuperannuation funds (X3) -SeparateSelf managed super fund last will and testament with will directions specified on trust deed OR binding nominations which would need to be updated EVERY THREE YEARS.The self managed super fund is a trust which you create specifically to manage your superannuation affairs. On here you can specify on the trust…[Read more]

These are my notes so far-The willGet dad to consider setting up a testamentary trust in his will as there can be big tax advantages as well as asset protection advantages. For example the will can be worded so that there is an option to take property outright in their own names or have it go into a trust. For example, (Wife) may elect to have…[Read more]

"The will can be worded so that there is an option to take property outright or have it go into a trust"For example, the wife may only want to have her share of the property taken out in her own name however I may want my share of the property put directly into a trust. This would be an example of a future tax saving as it means down the track I…[Read more]

Okay, will do.

Also my grandad is seeing a solicitor to find out who the appointers of the trust are and get it changed if nessasary. Also I have to get dad to write a will for his personal property held in his own name as in the case of the new wife. This will be done properly as you explained to me in the other topics. This will be mentioned and addressed w…[Read more]

Yes, I understood all that already except the SIS part. If I want to have the trust deed stipulate what happens then obviously you need to transfer the superannuation into a super trust fund such as a SMSF. We will be seeing a solicitor about all this as soon as I am able to get my father into see one. Obviously we will need to be taking option A…[Read more]

What is SIS dependant?

"A binding death benefit nomination does not necessarily lapse after three years for a SMSF"Yes, thats what I meant to say, the death benefit nomination of a SMSF is a binding nomination. Also my understanding is that it does not expire and need to renewed every three years. Therefore this is better then a standard supperannuation binding form w…[Read more]

My main interest is for the purpose of creating a last will and testament which is equivalent to a binding nomination. If you spend some money creating a SMSF then you are able to effectively create a set of death benefit instructions in the SMSF trust deed in your will which dont have to updated every three years as in the case of a standard b…[Read more]

Yes okay, thanks. I just saw something talking about buying property in a SMSF. A little confusing right now but okay. The main thing I want to gain and take away from this is that the instructions in a trust deed of a SMSF is equivalent to a binding nomination. The good thing is that the instructions on the trust deed will last forever. (not just…[Read more]

Okay, sorry that makes more sense now. So a SMSF is a separate trust you create in order to deal specifically with your supperannuation affairs. This would contain a trust deed which deals with the death benefit nomination in a way which lasts indefinetley and does not require a binding nomination completed. So if you had three supperannation…[Read more]

So my understanding is that these are a form you may fill if you have a trust deed so that your superannuation death benefits WILL be paid in a certain way without discretion of a trustee from a supperannuation company. I suppose this would be attached to your trust deed or it would be worded into the trust deed. Also they last for many years.…[Read more]

Alsohttp://www.laclawyers.com.au/document/Estate-Planning-__-Self-Managed-Super-Funds.aspx

Also here is an example of one of these forms I found on googlehttp://www.civiclegal.com.au/Publications/SMSFWill.pdf

Basically buying negatively geared property in a trust is usually only going to be worthwile if the trust is already earning decent income on its own in order for you to offset property costs against and reduce the trusts tax liability. If your just starting out as a PAYE tax situation, its probably best if you buy properties in your own name and…[Read more]

I think we would probably have to make separate trusts eventually in that case. But can you create a new trust without paying significant capital gains tax and or other taxes…?Also if you didnt want to sell your half of an asset how may you transfer half of an asset into a separate trust for the other person.

Ishtvan051 wrote:
I think you would need to have an odd number of appointers (e.g. 3), for example what if one wants to fire a trustee and one wants to keep. How would you reach a resolution….

But then again if you had separate trustees for your half of the trust assets then there may be no need for dispute as they are separate.

I think you would need to have an odd number of appointers (e.g. 3), for example what if one wants to fire a trustee and one wants to keep. How would you reach a resolution….

Well my grandfather did mention company when he was explaining his understanding of the will. Perhaps there is three trustees…He kept refering to it as "his" company. Also that when he goes my father becomes half of his company and my grandmother reamins the oher half….Or perhaps your right it has some other role…