{"id":1058,"date":"2015-11-16T13:04:23","date_gmt":"2015-11-16T03:34:23","guid":{"rendered":"https:\/\/fwgs.net.au\/?p=1058"},"modified":"2015-11-16T13:04:23","modified_gmt":"2015-11-16T03:34:23","slug":"lawyer-warns-smsf-industry-rg146","status":"publish","type":"post","link":"https:\/\/fwgs.net.au\/lawyer-warns-smsf-industry-rg146\/","title":{"rendered":"Lawyer warns SMSF industry (RG146)"},"content":{"rendered":"<p><strong>Lawyer warns SMSF industry about \u2018litigation bomb\u2019<\/strong> by <strong>Miranda Brownlee<\/strong><\/p>\n<p>This article appeared in the SMSFAdviser this morning (16 November 2015).\u00a0 Finance wise is committed to offering a simple, clear and cost effective accounting exemption solution and this includes correct documentation in our Statement of Advice.<\/p>\n<p>An industry lawyer has advised SMSF practitioners to conduct an inventory of all binding death benefit nominations (BDBNs) for clients, with the number of cases in the courts involving incorrect wording or terms now \u201cout of control\u201d.<\/p>\n<p>Speaking at the <em>SMSF Adviser<\/em> Strategy Day in Sydney last week, Perpetual senior legal counsel Caroline Harley said cases such as <em>Munro v Munro<\/em> [2015], in which the binding death benefit nomination was held not to be binding, demonstrate the importance of checking the wording in BDBNs.<\/p>\n<p>\u201cI can\u2019t say this enough: if you haven\u2019t already done an inventory of all of your binding death benefit nominations, if it\u2019s paying to the estate, go back and check the wording \u2013 this is going to be a litigation bomb,\u201d she warned.<\/p>\n<p>\u201cThe minute anyone finds out that \u2018legal personal representative\u2019 is not what\u2019s written on there, that\u2019s a means of contesting it.\u201d<\/p>\n<p>\u201cWe\u2019re already seeing it with the Superannuation Complaints Tribunal \u2013 I\u2019ve been told they\u2019re only starting to look at cases from 2013 so this area being contested is absolutely out of control,\u201d she said.<\/p>\n<p>\u201cDo everything you can to dot your Is and cross your Ts\u00a0\u2013 and don\u2019t use &#8216;executor&#8217;, use &#8216;legal personal representative&#8217;.\u201d<\/p>\n<p>Another important aspect of this case of which SMSF practitioners should be aware, Ms Harley said, is the fact that the presiding judge, Justice Mullins, made enquiries during the proceedings as to who was responsible for preparing the binding death benefit nomination.<\/p>\n<p>Cases such as <em>Hill v Van Erp,<\/em> Ms Harley added,\u00a0indicate that a practitioner could potentially be sued if a will or binding death benefit nomination is incorrectly drafted.<\/p>\n<p>\u201c[In this case] a will was drafted by a lawyer but it wasn\u2019t signed correctly so the beneficiary missed out because it wasn\u2019t executed properly,\u201d she said.<\/p>\n<p>The beneficiary, who missed out, was able to sue the lawyers because they did not draft the will correctly.<\/p>\n<p>\u201cMy strong recommendation is that you handball all of this liability nicely over to an estate planning lawyer who knows about superannuation and get the death benefit nomination prepared with the will, the enduring power of attorney and all of those other documents \u2013 shift the liability,\u201d she said.<\/p>\n<p>Should your firm require face to face RG146 training completed in 2 days in your state and a solution to smoothly transition your practice into the advice space once the accounting exemption expires please email us at info.fwgs.net.au.<\/p>\n<p>The finance wise unique web based portal saves hours of administration time by transferring the clients\u2019 Needs Analysis into the SMSF SoA template from as little as $50 per month.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lawyer warns SMSF industry about \u2018litigation bomb\u2019 by Miranda Brownlee This article appeared in the SMSFAdviser this morning (16 November 2015).\u00a0 Finance wise is committed to offering a simple, clear and cost effective accounting exemption solution and this includes correct documentation in our Statement of Advice. An industry lawyer has advised SMSF practitioners to conduct [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":459,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[19],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lawyer warns SMSF industry (RG146) | finance wise<\/title>\n<meta name=\"description\" content=\"finance wise. Are you RG146 compliant. 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