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  1. #11
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    Not prepared in the slightest if something was to happen to me and i see death often. I have someone who will have kiddo for me but thats about as far as i have got(its not legal but something that has been playing on my mind for some time)

  2. #12
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    No, i dont. But dh does.

  3. #13
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    I've told h and kids I want my ashes put into a firecracker and off I go!!! They think I'm crazy. I think I'm unique !!

  4. The Following User Says Thank You to Louise41 For This Useful Post:

    Trio  (13-09-2015)

  5. #14
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    Quote Originally Posted by Louise41 View Post
    I've told h and kids I want my ashes put into a firecracker and off I go!!! They think I'm crazy. I think I'm unique !!
    That actually sounds really cool! I told DH that mine can be separated so him, the kids and Mum can each have a little bit (assuming they want it and I go before him and Mum) and the rest I want plant in the ground with a tree

  6. #15
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    Just a consideration for anyone who wasn't aware, having your will updated isn't enough if you have a superannuation fund. Super funds require you to make a binding nomination as to who the beneficiaries of your fund should be, without a binding nomination they decide who to pay out to and your will is barely a factor in their decision. I have been though this twice in the past two years with my mum and my MIL where their super funds (different funds) gave 100% to their spouses which did not agree with their wills. Just something to think about when you update your will, update your super as well.

  7. #16
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    yes very important point! well said

  8. #17
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    Quote Originally Posted by Marshy68 View Post
    Just a consideration for anyone who wasn't aware, having your will updated isn't enough if you have a superannuation fund. Super funds require you to make a binding nomination as to who the beneficiaries of your fund should be, without a binding nomination they decide who to pay out to and your will is barely a factor in their decision. I have been though this twice in the past two years with my mum and my MIL where their super funds (different funds) gave 100% to their spouses which did not agree with their wills. Just something to think about when you update your will, update your super as well.
    This. Also, the binding nomination usually expires after a certain amount of time (with ours its 3 years), so you have to actually keep renewing the binding nomination to keep it in place. Such a pain!!

  9. #18
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    Quote Originally Posted by Marshy68 View Post
    Just a consideration for anyone who wasn't aware, having your will updated isn't enough if you have a superannuation fund. Super funds require you to make a binding nomination as to who the beneficiaries of your fund should be, without a binding nomination they decide who to pay out to and your will is barely a factor in their decision. I have been though this twice in the past two years with my mum and my MIL where their super funds (different funds) gave 100% to their spouses which did not agree with their wills. Just something to think about when you update your will, update your super as well.
    It does depend on the super fund. Our super fund specifies that you need to include your super in your will explaining your super will be paid to your estate, you cannot state beneficiaries with the super fund.

  10. #19
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    I agree with the rules being different depending on your fund and where you live! This is an overview from the ATO that is helpful

    https://www.ato.gov.au/Individuals/D...-implications/

    It's also important to ensure beneficiaries for your insurance are up to date. Also depending on the ownership of your insurance (whether its held under super or owned by someone else/company) can mean you may not be able to nominate a beneficiary eg. Insurance held under super will be paid to the super and will be distributed by the beneficiary nominations under super or rules of the fund (but again you have to refer to the fund rules and I would refer to the ATO website linked above as well!).

  11. #20
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    All good points, but how your super pays out is well worth looking into in life, because until I went through this with my mother's estate I had no idea that super funds could be like this. And since I have gone through it, I've come across others who have experienced much the same when dealing with a deceased estate. In my experience my mum's fund favoured the spouse as they viewed the money would have been spent on the deceased's and their spouse's life together in retirement and disregarded her six month old will.
    Just wanted to throw it out there in case there was anyone following who hadn't looked into this


 

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