March 15, 2017
Don’t Hurt the Ones You Leave Behind
No one sets out to hurt the ones they love.
Not intentionally anyway – but we live in uncertain times. The media is full of bad news – terror attacks and untold disasters through to motor car and workplace accidents.
All these events are timely reminders of the frailty of life.
Fortunately, these days most of us have superannuation contributions (which generally include a component of life insurance to cover the unforseen happenings) to fall back on to provide for our loved ones.
So if the worst does happen and you really don’t want to add hurt upon the hurt being suffered by your loved ones on your passing, then it’s timely to think about how you can best provide for your loved ones.
So what’s first?
A current up to date Will which clearly sets out your wishes for the distribution of your assets.
Second and perhaps most important, is how do you want to deal with your superannuation contributions.
There are various options but at Gayler Legal we see a simple cut through strategy which will always provide the best outcome for those left behind.
It’s simple and effective – just contact your superannuation fund (unless you have a self-managed fund) and give the fund your instructions as to how you want your superannuation fund to be dealt with. You just sign a document which is called a ‘Binding Nomination’. This is a direction of the trustees of your fund as to how you want your superannuation (and any insurance component) dealt with.
Always remember that your Binding Nomination will need renewing every three years to make it effective. If you have a change in your circumstances then the process is the same – you just contact the trustees and make out a new Binding Nomination.
See it is really simple and you have in a single stroke (along with an up to date Will) demonstrated the love for those you leave behind.
If you need a further explanation as to how this all works then give Don Gayler a call on 4124 7100 or send us an email.