ESTATE PLANNING and SUPERANNUATION – The importance of considering Superannuation as part of your overall Estate Planning
Estate Planning Decision: In D17-18/120 (2018) SCTA 24 the Superannuation Complaints Tribunal (“Tribunal”) had to consider an application by the Deceased three minor children for payment of the death benefit and whether the binding death benefit could be overruled.
- The Deceased had two adult children with his first wife and three minor children with his second wife.
- After being diagnosed with a terminal illness the Deceased signed a new Will and at the direction of his solicitor, a Binding Death Benefit Nomination (“BDBN”) ( six months prior to his death.)
- Both the Will and BNBN were in favour of his two adult children in equal parts.
- The evidence supplied was that the Deceased had not been in contact with his second wife for many years; however had a strong and close relationship with his adult children.
- The second wife sought that the death benefit be split equally among all children. This application was rejected by the Trustee.