Good estate planning avoids arguments after death

estate planning, SMSF, superannuation, binding death benefit nomination (BDBN), SMSF Association state technical conferenceThe purpose of good estate planning is to avoid arguments after a death, according to Cooper Grace Ward partner Scott Hay-Bartlem.

“When estate planning works, it’s when there are no disputes when someone dies. This outcome is best achieved by understanding that when it comes to estate planning, there is no ‘one fits all size’ solution,” Mr Hay-Bartlem told an SMSF Association technical conference.

“What I tell advisers is that they must devise solutions that best suit their clients’ individual circumstances. Every family is different, so as advisers we must work together and with the family to work out the solution that best fits their circumstances. And if there is a self-managed super fund (SMSF) involved, then that must be part of the overall estate plan.” Read more...