With the end of the financial year approaching now is a good time to review your estate planning and if necessary update your will, power of attorney and enduring guardian. Or maybe you need to make sure that you have a plan in place for your business succession.
If you have superannuation, in most cases your benefits will be paid at the complete discretion of the trustee upon your death, unless you sign a binding nomination. In most cases a binding nomination will only be valid if:
1. It is in writing;
2. It is witnessed by two adult witnesses who are not your beneficiaries or a spouse of a beneficiary; and
3. Is renewed every three years.