This is the third in our series of articles on the uncertainties of death.
Myth – “My Will dictates who gets my superannuation….. doesn’t it?”
Wrong!
Your superannuation does not form part of your estate and is not controlled by your Will.
Your superannuation benefits will only be controlled by your Will if your superannuation benefits are paid “into” your estate after you die.
You might…. or might not…. want that to happen. Once the superannuation is paid “into” your estate, it is exposed to potential challengers.
To properly deal with your superannuation, you need to nominate – through a Binding or Non-Binding Death Benefit Nomination – who is to receive it.
Your possible beneficiaries include:
- your spouse;
- your children;
- a person that you live with and with whom you have a close personal relationship; or
- your estate.
If you don’t adequately deal with your superannuation, the Trustee of your Superannuation Fund will decide who receives your superannuation benefits.