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Both Members Die

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woonallee View Drop Down
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Joined: 25/August/2006
Location: Australia
Posts: 3
  Quote woonallee Quote  Post ReplyReply Direct Link To This Post Topic: Both Members Die
    Posted: 25/August/2006 at 10:40
What is the outcome if for a Mum & Dad SMSF where they are the only members and have nominated each other as their solr beneficiaries and both were killed together in say a road accident?

Super Outsource View Drop Down
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Joined: 19/August/2005
Location: Australia
Posts: 322
  Quote Super Outsource Quote  Post ReplyReply Direct Link To This Post Posted: 29/August/2006 at 10:21

Beneficiary nominations are not necessarily a one liner with only one option. 

Benficiary nominations and especially binding death nominations can be quite complex documents being almost as comprehensive as a Will.  Hence, a number of alternatives can be canvassed.

Alternatively, if this has not been covered in the beneficiary nominations, general practice would be to consult the Will.

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