As superannuation has become a major retirement savings vehicle, over time, a considerable amount of funds may be accumulated until the time of retirement. Therefore, careful consideration should be given as to who should benefit financially from receipt of such funds, upon your death.
The multitude of superannuation funds available and the sometimes complex nature of the law in this area means that care needs to be taken when making arrangements concerning these benefits. Most superannuation funds offer their members the possibility of making a death benefit nomination of a specific beneficiary, to be entitled to the benefit of the funds. However, such nominations are usually only valid for a limited time, except where the particular fund allows for such nominations to be non-lapsing.
Apart from the family residence, superannuation is fast becoming a person’s largest financial asset. The frequent changes to the law means that this is an area which has become quite complex. Careful consideration to an individual’s circumstances must be taken into account to ensure that the benefits and entitlements are dealt with in the most optimal way.
Why superannuation benefits are not dealt with in your will? Click here
What happens to your superannuation entitlements when you die? Click here
What is a binding nomination? Click here
Why superannuation is a vital component of all estate plans. Click here
When was the last time you checked whether your specific death benefit nomination is still current?
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Superannuation
