David Andrew

speaker

514 appearances 1 recordings 1 series first heard Aug 2022 last heard Aug 2022

David Andrew’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · 🪦 Wills, estates and executors: what happens when you die? · 25 Aug 2022 podcast

And so you appoint somebody to make those health wishes when you can't do it yourself.

So in other words, are you to be revived at all costs or not to be revived, whatever it is, there's a person to make that decision for you.

Hopefully you had the conversation with that person to let them know what your wishes are so that they can give effect to what you want to occur.

But yep, powers of attorney in lifetime, very important to consider.

Superannuation is a very important part of estate planning.

And the difficulty is it may or may not come to your estate.

There are certain things that you can do about it.

The main thing is to try and understand your particular policy.

Now, some policies will allow you to do nominations, you know, and if it's a dependent, a binding nomination, some of those nominations need to be renewed every three years or periodically.

So make sure you think about that and make sure that they're current.

But also understanding that ultimately it may be up to the fund manager to decide where the funds are going to be paid.

Now, if you've got a binding nomination to a dependent and there's no conflict or issues, then you'd be very confident that that's what's going to happen and that will obviously happen a lot of the times.

But sometimes if there's uncertainty or conflict or the nomination's not current...

or the like, the trustee of the super fund may well pay it to the estate.

Or you might nominate the estate for it to be paid.

But let's just say you've nominated someone else.

You could still potentially consider a provision in your will where you say something like, if the funds from my super come to my estate, in other words, you've done your nomination, you actually hope it's paid directly.

But if the fund manager decides to pay to my estate, then I will pay my super proceeds to A, B and C. And that could be consistent with what you've done in your nomination.

Yes.

But the important thing to know is super may come to your estate, but it may not come to your estate.

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