Personally, I always think of Melbourne Cup day as the start of the festive season. It seems that the Melbourne Cup functions are the first in a series of Christmas parties and end of year celebrations. It is a great time of year; it can also be an expensive time of year!

It is very easy to overspend during this period, and way too many people get themselves into financial trouble. Hopefully, many of you read my article last year and have already allocated funds throughout the year for this period of increased spending, and have your festive period kitty ready to go.  If you did, good work and enjoy! Obviously, you still need to be somewhat aware of what you are spending.

Estate planning is complicated! From experience, most people are unaware that their superannuation does not form part of their estate and therefore is not covered by your Will. Your super needs to be addressed separately and is normally done so with the nomination of beneficiaries.

So what happens if you die without a nominating a beneficiary? The trustee decides on where the money should be directed and is obligated to act in your best interests. This seems to make sense and, in many cases, ends up with a satisfactory result; however, the trustee’s decision is by no means guaranteed to match your wishes.