Superannuation Law & Estate Planning Experts in WA
Where Is Your Super Really Going?
Superannuation is often one of the largest financial assets for individuals and businesses in Western Australia, yet many people are unaware of how it will be distributed upon their death. Without proper planning, your hard-earned super may not go where you intend. At Granich Partners, we specialise in superannuation law and estate planning, helping businesses and individuals protect their wealth and ensure it is distributed according to their wishes.
Understanding Superannuation and Estate Planning
Under Australian superannuation law, members of a superannuation fund have the ability to direct the distribution of their benefits after death by submitting a Binding Death Benefit Nomination (BDBN) to the fund trustee. A valid BDBN requires the trustee to follow the member’s instructions, ensuring that benefits are paid to either:
The member’s legal personal representative (the executor of their estate), or
Dependents, as defined by the Superannuation Industry (Supervision) Act.
In the absence of a valid BDBN, the trustee of the superannuation fund has discretionary power over the distribution of the deceased member’s benefits, which may lead to outcomes that do not align with the deceased’s intentions.
The Case of Ioppolo v Conti (2015)
A cautionary tale about the importance of BDBNs is the Western Australian case of Ioppolo v Conti [2015] WASCA 45.
The Situation: Mrs. Conti’s Will directed that her interest in a Self-Managed Super Fund (SMSF) be left to the children of her first marriage, explicitly excluding her husband, Mr. Conti.
What Happened: After Mrs. Conti’s death, Mr. Conti appointed a corporate trustee for the SMSF. Using his discretionary power, he arranged for the SMSF death benefit to be paid to himself.
The Outcome: The court found that Mr. Conti acted within his legal rights. Without a valid BDBN, Mrs. Conti’s stated wishes in her Will could not override the trustee’s discretion.
This case highlights the risks of failing to execute a valid BDBN.
Why a Binding Death Benefit Nomination Matters
A properly executed BDBN ensures that your superannuation benefits are distributed in accordance to your wishes. Without one, even the clearest instructions in your Will may not be enforceable, leaving trustees with discretionary power.
For businesses and individuals with substantial superannuation balances or SMSFs, this lack of control can lead to unintended and costly consequences for your loved ones and beneficiaries.
How Granich Partners Can Help
As Western Australia’s leading experts in superannuation law and estate planning, we understand the complexities of managing superannuation benefits and ensuring they align with your overall estate planning strategy.
Our Services Include:
Superannuation and SMSF Advice
Drafting and executing Binding Death Benefit Nominations.
Structuring SMSFs to protect assets and comply with legal requirements.
Estate Planning
Developing strategies to ensure your assets, including superannuation, are distributed as you intend.
Drafting Wills and testamentary trusts that integrate with superannuation plans.
Business Succession Planning
Tailoring estate and superannuation planning to meet the needs of business owners and employers.
Protecting business assets, including employee superannuation funds, during transitions.
Dispute Resolution
Handling disputes related to superannuation and estate administration.
Avoid Costly Mistakes with Expert Guidance
Cases like Ioppolo v Conti illustrate the importance of aligning superannuation and estate planning. At Granich Partners, we work with businesses and individuals across Western Australia to provide peace of mind, knowing your superannuation is secure and your wishes will be honored.
Protect your legacy and your loved ones. Contact Granich Partners today to discuss your superannuation and estate planning needs.