Estate Planning is the review and advice regarding the protection of your estate and the interests of your beneficiaries in the event of your death. This includes consideration of your Will; Superannuation (SMSF); Capital Gains Tax (CGT) and planning to minimise tax payable.
Often a Testamentary Trust is established to assist with this purpose. Estate planning should be reviewed when your circumstances change and on a regular basis.
Having a valid Binding Death Benefit Nomination (BDBN) is vital if you want to be able to direct where your superannuation assets go after you die. Your Will will not do this for you. Without a BDBN your trustee will have discretion as to the distribution of your assets that are held within your Superannuation Fund.