What would happen to your superannuation if you were to die tomorrow?
This article from South Australia shows what can go wrong if you haven’t taken steps to make your plans clear and shows the burden it can place on your loved ones left behind.
Superannuation may not necessarily form part of your estate and therefore may or may not be dealt with by your Will. A superannuation Trustee exercises a discretion as to who should benefit and beneficiaries are limited to a defined class of dependants.
One way to overcome this might be to prepare a binding death benefits nomination requiring all superannuation proceeds to be paid to your estate. Once received by your estate, the proceeds could then be distributed to any beneficiary of your choice in accordance with your Will and potentially be used by your estate to cover funeral costs.
Of course, the best approach is to seek professional advice to ensure this is done correctly and to cover all of your estate planning needs.
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