New superannuation arrangements have opened up big new estate-planning opportunities, according to Zurich’s Michael Harrison. The company’s Head of Life Protection says the introduction of the “binding nominations” provisions – which allows individuals to dictate to trustees exactly how their super is to be distributed on their death – creates a “viable alternative” to setting up expensive testamentary trusts through their wills.

Taxes on minors benefitting from investments can mow be minimised through “binding nominations”, which offers more tax benefits and low set-up costs.”