Understanding Superannuation and Death Benefit Nominations.
Technically, those superannuation funds are held by the Trustee of the superannuation fund on your behalf and since they are not assets you actually own at the date of your death, will not be dealt with in accordance with your will.
As such, as part of estate planning, it is important to consider how your superannuation assets will be dealt with on your death. In addition to the funds held in your superannuation account, you may also have a substantial death benefit attached to your superannuation, which is payable on your death.
To effectively deal with your superannuation assets we can advise you on the making of binding or non-binding death benefit nomination forms which will dictate how those assets are to be paid on your death. This often requires careful consideration of those you wish to benefit, the risk of claims on your estate and particular care if you have a self-managed superannuation fund.
Please contact us for expert advice on your superannuation assets as part of your estate plan.
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