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The Forum > General Discussion > Superannuation Succession

Superannuation Succession

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yeah yeah, seeing as you are going to be dead, you probably won't be taking legal action. But the point remains that the super fund is unlikely to act against the wishes of the death nomination - why would they court legal action? Only a moron of a Trustee would go distribute in opposition to the nomination, unless there are good ground (i.e you made it when you were drunk and promised it all to a girl in a bar in Bangkok or some such...)

Just tell your superfund you want it to go to your spouse, put the same thing in your will and forget about it....

Or get yourself a self-managed superannuation fund, where your spouse will be the Trustee making the decision and so is unlikely to screw him/herself over!
Posted by Countryboy, Monday, 16 June 2008 10:24:07 AM
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Or you can instruct the Trustee to pay your entitlement to your Estate, and then your Will will deal with it. The discretion of the trustee is to help alleviate problems that may arise where someone dies intestate (no will). What this highlights is the need for people to get good quality advice on their estate planning, as things usually arent as simple as you might expect. Oh, and TALK to yur family about your intentions and why you have made certain decisions. Once upon a time this was taboo, but if your spouse, kids and any other beneficiaries know the whys and wherefores or your will, you are far less likely to have it end up in court and lose the lot to the legal profession (tip, get an accountant to review, not just your lawyer, who may have a vested interest in a challenge - note that I believe most lawyers are quite honest, but it doesnt hurt to get a second opinion).
Posted by Country Gal, Monday, 16 June 2008 12:05:19 PM
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"note that I believe most lawyers are quite honest,"

well I dont know of probate etc lawyers but 99% of Family Lawyers are NOT, and 50% of marriages end in divorce

then given that Super is one of the main reasons Buttercup actually GOES for her DIP [Divorce Investment Portfolio], then the figures say about 80% of those with "good" super get DIPed

Mr Errington SC in his learned article from 1996 ["Having your Cake and Eating it Too"] points out [tongue firmly in cheek] all the authorites are re Qantas Pilots, eg Crapp & Crapp, Coulter, Hauff, Clomp & Clomp [I lied about the last one] etc

but it was West & Green [most famous for the Kay J formula] where this issue came up and bloke was ordered to take out a life insurance policy to ensure that if he remarried and it went to new wife, then the DIPer was still covered

it was of course before the "splitting" amendments to the FLAct in 2001
Posted by Divorce Doctor, Monday, 16 June 2008 2:47:49 PM
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Countryboy:

Thanks for that information! I downloaded a "sample" page (three to be exact) from the Suncorp website and studied it carefully.

This situation does NOT affect myself, however I needed the information for my Grandson and his Partner to make them fully aware of the position regarding the succession rights of their Superannuation!

Thanks again!
Posted by Cuphandle, Wednesday, 18 June 2008 10:06:38 AM
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