The assets held within the company, trust and your superannuation fund do not form part of your estate. If you have made binding death benefit nominations in your superannuation fund or hold reversionary pensions these assets will pass directly to the nominated beneficiary. However, if you have nominated that the superannuation fund pay your benefits to your Legal Personal Representative, then they will form part of your estate.
If you have a life insurance policy (outside your superannuation fund) and you have nominated a beneficiary of the policy, this will pass directly to the nominated beneficiary. Alternatively if you own the policy without a nomination, then it will pass to your estate.
Don’t forget to consider any outstanding liabilities such as loans (bank, trust or company), tax liabilities (current and future) as well as any guarantees you may have provided.
If you need more information about or any help with these matters, give BHR Papalia a call on 9791 5877.