Superannuation- Self managed super fund last will and testament (SMSF)

Also here is an example of one of these forms I found on google

http://www.civiclegal.com.au/Publications/SMSFWill.pdf

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. (i.e. not just three)

Correct?

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 accounts you would transfer all these to a SMSF at which point they become managed by the trustee of the SMSF (Yourself)?

Also if you already have a family trust then that deals with other forms of wealth such as property and cash….Or can they become all one single trust?

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 three years)

Also as in my case the SMSF may include multiple super funds with various super companies….

Cheers

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 binding nomination.

That was my understanding of it all according to the youtube video on my first post….

Oh, I see, So the SMSF requires you to transfer all your money out of your commercial super funds into a single fund held by the SMSF trust which the trustee (yourself) manages.??

I suppose also as in any other trust upon creation you would make yourself appointer and then appoint yourself as trustee

"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 which when completed lasts for three years before it needs to be renewed.  The trust deed of the SMSF death benefit nomination would not need to be updated every three years to be valid.

Thats it….. 

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 when we see the solicitor.  

Also I have detailed notes to take along with me to make sure I dont miss anything.

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Okay, will do.