With my SMSF I have decided to do a Binding Death Benefit Nomination and would like to know if someone could help clarify a matter for me please;
I have been married previously and have 1 child aged 30 years from that marriage. I also have 2 children 15 & 17 years & from current marriage who are classified as dependants.
My eldest daughter is a bit of a rebel who hasn’t contacted me in many years and doesn’t want anything to do with me or my new family.
My main priority at this stage is to my current wife and 2 dependent children however I feel that I must include her in some way and would like to leave her a small sum of money that would be not equal to what my other two dependent children would receive.
I have been advised that under current Australian law that this could be contestable and more than likely she would be awarded an equal amount as to what her 2 sisters would benefit.
I have been advised to make my wife the only beneficiary of my will and to leave the children completely out of the equation and this would prevent her from having some type of claim. The 2 children then would benefit from my wife’s estate on her passing.
I would like to leave my eldest daughter a small something from my Estate on my passing and thought that it may be able to come from my SMSF under the Binding Death Benefit Nomination.
My solicitor was unable to advise me on this as he didn’t have the level of knowledge relating to the legalities of SMSF.
