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Information You won’t get from Unlicensed Accountants #53

Along with this raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.

As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.

This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.

7 Key Considerations in Relation to your Estate Plan

  1. In the event you are diagnosed with a terminal condition, how do you go about claiming on your superannuation insurances and superannuation investment balances?
  2. Do you have an Enduring Power of Attorney in place?
  3. Consider whether a binding superannuation death benefit nomination works best for you and your family’s needs.
  4. Ensure your choice of executor is still valid, and that they are aware of the location of your Will, their responsibilities and your funeral plans.
  5. Ensure your tax returns are up to date as this can cause unnecessary stress and delays for your beneficiaries when finalising your estate.
  6. Put your superannuation, insurance policies and estate planning documents together in an easily accessible location for your executor to access.
  7. Check whether the establishment of a Testamentary Trust will suit your families’ circumstances.

If you are unsure on any of the above, have a chat with your Financial Adviser or specialist Estate Planning lawyer today.

“The secret of getting ahead is getting started” – Mark Twain.

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