Wednesday, November 27, 2013

Should I make provision for my super in my will or testamentary trust?

By Denice Fraser, Senior Marketing Executive and Cassandra Townsend, Lawyer

Last week, Maddocks lawyers and Cleardocs hosted the first of two breakfast seminars on estate planning at Maddocks' offices in Sydney.

Robert Monahan from Maddocks was keynote speaker, engaging an audience of lawyers, accountants and financial planners on "clear and tax effective wills”. 

Through the presentation, Robert discussed some of the features of the newest addition to our estate planning product suite – our complex will, ClearWill with Trusts for Law Firms. He explained how a will maker can minimise tax consequences and maximise asset protection for beneficiaries through a testamentary trust structure in a more sophisticated will such as ClearWill with Trusts for Law Firms.

Demonstrating a strong level of interest from attendees, several questions were posed at the presentation’s conclusion. Many were interested to learn how to deal with superannuation death benefits via a will or testamentary trust.

ClearWill with Trusts for Law Firms provides a will maker with the option to give particular powers to their executor, including the power to quarantine superannuation death benefits (or create a superannuation proceeds trust).

The product is available to legal practitioners only – highlighting the necessity of having a lawyer involved in the making of a more sophisticated will.

You can view our FALQs on quarantining superannuation death benefits on our website:

Maddocks advises that the question whether a SMSF member wishes to create a binding death benefit nomination to deal with SMSF funds or work the benefits into a testamentary trust, depends on what they wish to achieve. Members should seek professional advice about their particular circumstances.

Our second and final breakfast seminar on ‘clear and tax effective wills’ will be held in Melbourne on 11 December 2013. Should you wish to reserve a spot, please contact before 9 December.

For those unable to attend, +Cleardocs Thomson Reuters have recorded the session. It will be posted to our website before the close of the year.

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