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Demystifying the Pension Assets Tests

A pension is not the "be all and end all" of succession planning; however it can be a useful tool. Anyone engaged in succession or estate planning should investigate whether or not they are entitled to receive any Centrelink entitlements or assistance.

When looking at your options regarding the pension it is highly recommended to engage expert advisors to look at your individual circumstances. There are however a number of key issues which are highlighted below.

Pension Age

Superannuation and Your Estate

The trustees or your Superannuation fund have the discretion as to how they will pay your Superannuation and entitlements upon your death. They are not required to act in accordance with your wishes even if they are expressed in your Will.

The only way to ensure that your entitlements are paid the way that you choose is to sign a Binding Death Benefit Nomination.

Most people nominate a beneficiary on their Superannuation form; beware, this is a Non–Binding Nomination.

Power of Attorney

What is a Power of Attorney?

It is a legally binding document you can sign in New South Wales that appoints someone to deal with your financial affairs and property interests on your behalf.

Why appoint a Power of Attorney?

Making a Will

Making a Will is the most important legal document that a person will sign during their lifetime. Briefly, a Will names your executor, who is the person responsible for looking after your affairs once you are dead. It also names your beneficiaries, who are the people entitled to your assets upon your death.

What happens if I don’t have a Will?