People often hold great wealth within their self-managed superannuation funds and are they are often amended and updated as circumstances and laws change.
Keeping track of any changes is crucial so it’s important you know the answers to these questions:
- Where is the original of your superfund Trust Deed?
- Has it been amended and have all the amended Deeds been validly executed?
- Have you got copies of the amending Deeds?
- Does your Trust Deed allow for the making of a Death Benefit Nomination of a binding or non-binding nature?
- What are the specific requirements set by the Trust Deed for a valid Binding Death Benefit Nomination?
Who cares? Your intended beneficiary will!
In a recent estate dispute, the Supreme Court had to decide which document(s) actually contained the current terms of a superannuation fund (Re Narumon Pty Ltd  QSC 185).
Good administration of the fund will ensure no nasty (and costly) surprises when people are trying to carry out your wishes and ensure the death benefit gets to your intended beneficiary.